Bebo Founders and Shareholders Sue New Owner
Bebo’s co-founders Michael and Xochi Birch and other investors are suing its new owners and seeking $5 million in damages, paidContent reports. The group was persuaded to put more money into Bebo after Criterion Capital Partners bought the social network from AOL in 2010. The investors allege that Criterion has mismanaged the site and withheld information from them.
