Palantir Officials Reject Investor's Request for RecordsBy
Data-analysis firm calls stock-conspiracy claims ‘baseless’
KT4 Partners contends Palantir blocked sale of part of stake
The secretive data-analytics company Palantir Technologies Inc. is intent on keeping its information private.
The company, backed by billionaire Peter Thiel, is embroiled in a fight over data on two coasts with Marc Abramowitz, a managing member of KT4 Partners LLC, which was an early investor in Palantir.
KT4 Partners sued Palantir earlier this month in Delaware for records that it said it needs to determine whether Thiel’s company blocked it from selling some of its stake. Palantir responded Tuesday saying KT4 Partners is using “baseless accusations” of a conspiracy to get its hands on the confidential information.
It’s part of a dispute that started in September in California state court, where Palantir sued KT4 Partners and Abramowitz claiming the investor stole trade secrets and falsely filed five patents in his name for work done by Palantir. Palantir repeated the claim that its files had been stolen in Tuesday’s filing as a reason for refusing to turn over the information.
Barry Simon, a Washington-based lawyer for Abramowitz, didn’t immediately return a call for comment on Palantir’s claims.
Founded in 2004 by Thiel and other tech businessmen, Palantir is among Silicon Valley’s most highly valued companies. In addition to KT4 Partners, an early investor was the venture-capital arm of the U.S. Central Intelligence Agency.
Palantir’s customers include government spy agencies around the world. It was most recently valued at $20 billion by investors, and it’s well-positioned to cash in on more government work, with Thiel being a staunch supporter of President Donald Trump.
Thiel, 49, maintains a variety of business interests, from Internet and finance to energy and rocket ships. Abramowitz, 64, has his own eclectic mix of holdings. According to Riverlake Partners LLC, his former employer, Abramowitz has owned, operated or invested in a medical startup, a lumber business and a hobby-and-craft store.
The Delaware case is KT4 Partners LLC v. Palantir Technologies Inc., 2017-0177, Delaware Court of Chancery. The California case is Palantir Technologies Inc. V. Abramowitz, 16CV299476, California Superior Court, Santa Clara County (San Jose).
— With assistance by Lizette Chapman