Latest news with #Non-Disclosure
Yahoo
02-06-2025
- Business
- Yahoo
Scamnetic, Inc. Files Lawsuit Against BlackCloak, Inc. for Trade Secret Misappropriation, Breach of Contract and Deceptive Trade Practices
TAMPA, Fla., June 02, 2025--(BUSINESS WIRE)--Scamnetic, Inc., a leading provider of scam prevention and protection services, has filed a lawsuit against BlackCloak, Inc. in the United States District Court for the Middle District of Florida, Orlando Division. The lawsuit alleges that BlackCloak misappropriated Scamnetic's trade secrets related to Scamnetic's first of its kind proprietary tool, IDEveryone, which is designed to combat the ongoing epidemic of scams. Scamnetic developed IDEveryone to help users verify the identity of the people they interact with in any channel and to detect scam communications. Since Scamnetic released IDEveryone in August 2024, the tool has been instrumental in protecting consumers from sophisticated scam attempts, including those using AI deepfakes. The complaint states that Scamnetic and BlackCloak entered into a Mutual Confidentiality and Non-Disclosure Agreement (NDA) to explore potential business partnership opportunities. Scamnetic provided BlackCloak with confidential and trade secret information about IDEveryone subject to the NDA, under which the only permissible use of the information was to explore the partnership. But rather than enter a partnership with Scamnetic, BlackCloak took Scamnetic's trade secret information for itself, launching its own copy of Scamnetic's identity verification product in April 2025. Scamnetic's CEO Al Pascual indicated that "Scamnetic is as committed to vigorously protecting our intellectual property as we are committed to fighting scams." The lawsuit seeks injunctive relief as well as damages for the harm caused by BlackCloak's alleged actions. View source version on Contacts For more information, please contact: prforscamnetic@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-06-2025
- Business
- Yahoo
Scamnetic, Inc. Files Lawsuit Against BlackCloak, Inc. for Trade Secret Misappropriation, Breach of Contract and Deceptive Trade Practices
TAMPA, Fla., June 02, 2025--(BUSINESS WIRE)--Scamnetic, Inc., a leading provider of scam prevention and protection services, has filed a lawsuit against BlackCloak, Inc. in the United States District Court for the Middle District of Florida, Orlando Division. The lawsuit alleges that BlackCloak misappropriated Scamnetic's trade secrets related to Scamnetic's first of its kind proprietary tool, IDEveryone, which is designed to combat the ongoing epidemic of scams. Scamnetic developed IDEveryone to help users verify the identity of the people they interact with in any channel and to detect scam communications. Since Scamnetic released IDEveryone in August 2024, the tool has been instrumental in protecting consumers from sophisticated scam attempts, including those using AI deepfakes. The complaint states that Scamnetic and BlackCloak entered into a Mutual Confidentiality and Non-Disclosure Agreement (NDA) to explore potential business partnership opportunities. Scamnetic provided BlackCloak with confidential and trade secret information about IDEveryone subject to the NDA, under which the only permissible use of the information was to explore the partnership. But rather than enter a partnership with Scamnetic, BlackCloak took Scamnetic's trade secret information for itself, launching its own copy of Scamnetic's identity verification product in April 2025. Scamnetic's CEO Al Pascual indicated that "Scamnetic is as committed to vigorously protecting our intellectual property as we are committed to fighting scams." The lawsuit seeks injunctive relief as well as damages for the harm caused by BlackCloak's alleged actions. View source version on Contacts For more information, please contact: prforscamnetic@ Sign in to access your portfolio
Business Wire
02-06-2025
- Business
- Business Wire
Scamnetic, Inc. Files Lawsuit Against BlackCloak, Inc. for Trade Secret Misappropriation, Breach of Contract and Deceptive Trade Practices
TAMPA, Fla.--(BUSINESS WIRE)--Scamnetic, Inc., a leading provider of scam prevention and protection services, has filed a lawsuit against BlackCloak, Inc. in the United States District Court for the Middle District of Florida, Orlando Division. The lawsuit alleges that BlackCloak misappropriated Scamnetic's trade secrets related to Scamnetic's first of its kind proprietary tool, IDEveryone, which is designed to combat the ongoing epidemic of scams. Scamnetic developed IDEveryone to help users verify the identity of the people they interact with in any channel and to detect scam communications. Since Scamnetic released IDEveryone in August 2024, the tool has been instrumental in protecting consumers from sophisticated scam attempts, including those using AI deepfakes. The complaint states that Scamnetic and BlackCloak entered into a Mutual Confidentiality and Non-Disclosure Agreement (NDA) to explore potential business partnership opportunities. Scamnetic provided BlackCloak with confidential and trade secret information about IDEveryone subject to the NDA, under which the only permissible use of the information was to explore the partnership. But rather than enter a partnership with Scamnetic, BlackCloak took Scamnetic's trade secret information for itself, launching its own copy of Scamnetic's identity verification product in April 2025. Scamnetic's CEO Al Pascual indicated that 'Scamnetic is as committed to vigorously protecting our intellectual property as we are committed to fighting scams.' The lawsuit seeks injunctive relief as well as damages for the harm caused by BlackCloak's alleged actions.
Forbes
23-04-2025
- Business
- Forbes
How To Protect Your Business Secrets When Talking To Buyers
The way you handle information throughout the process of selling your business determines whether ... More you put your business at risk. Many business owners make one critical mistake when selling: they share too much, too soon. A potential buyer expresses interest, asks for financials, and without thinking twice, the owner sends over a full profit-and-loss statement, customer list, and operational details. Then the buyer disappears. Sometimes, they were never a real buyer to begin with. They were a competitor, a tire-kicker, or someone fishing for information. By the time the seller realizes it, the damage is done. Selling a business is not only about finding a buyer, but about finding the right one while protecting the value you have built. The way you handle information throughout the sale process determines whether you maintain control or put your business at risk. When listing a business for sale, owners often send too much information upfront, thinking that transparency will speed up the process. In reality, disclosing critical details too early creates unnecessary risk. Buyers should be qualified before they gain access to sensitive business data. The best way to manage this is by starting with a teaser document. This one- to two-page document gives potential buyers a broad overview of the business without revealing confidential details. It typically includes the industry, a general description of the business model, and revenue range, but excludes specifics such as customer lists, supplier agreements, and exact profit margins. A teaser document works like a movie trailer. It generates interest while keeping the essential details private. If a buyer is serious, they will request more information and follow the proper process to obtain it. A Non-Disclosure Agreement (NDA) is the first layer of protection when discussing a business sale, but many owners overlook its importance. A generic NDA template is not enough. Without clear terms, buyers can walk away with valuable business insights and use them elsewhere, with no consequences. A well-structured NDA should define what is considered confidential, restrict the buyer from sharing information with third parties, and outline a legal penalty for breaching the agreement. It should also include a time frame that extends beyond the sale process. A strong NDA prevents a potential buyer from using confidential information against the business, whether they proceed with the purchase or not. Some buyers may resist signing an NDA. Although they will try to convince you otherwise, resisting to sign an NDA is a red flag. A serious buyer understands that business sales require discretion and should have no issue agreeing to confidentiality before reviewing financials or operational details. Not every buyer who expresses interest is financially capable of purchasing a business. Some are exploring options without a clear intention to buy, while others lack the funds to follow through. Before disclosing anything beyond the teaser document, it is essential to qualify buyers. Legitimate buyers should be able to provide proof of funds, business acquisition history, and a clear intent to purchase. If they hesitate or refuse, they are likely not serious. Another warning sign is a buyer who requests sensitive details too early in the process. If they push for client lists, supplier agreements, or operational data before basic negotiations take place, they may be gathering intelligence rather than preparing to buy. An experienced buyer will expect to go through a structured process before accessing deeper financials. If a buyer avoids this process, they may be looking for information, not a business to buy. Even after an NDA is signed, access to sensitive details should be controlled. A structured disclosure process ensures that confidential business data is shared only when necessary and only with qualified buyers. At the early stages, financials should be shared in general terms, without detailed breakdowns of specific revenue streams. Customer names and supplier agreements should remain confidential until a buyer moves into serious negotiations. One effective strategy is to use redacted documents, removing names and key identifiers until trust is established. Another precaution is to watermark financial documents with the buyer's name and the date they were shared. This discourages unauthorized distribution and ensures that any leaks can be traced back to the source. Business owners have lost valuable relationships because buyers contacted their clients or suppliers directly. Keeping critical information private until the later stages of negotiations protects these relationships and prevents competitive risks. Selling a business is not just a financial transaction, but also an emotional process that requires time, energy, and discretion. Many owners try to handle it alone, only to realize that managing buyer inquiries, confidentiality, and negotiations while simultaneously running a business is overwhelming. A qualified M&A advisor or broker serves as a gatekeeper, ensuring that only serious buyers gain access to the business's sensitive details. They help pre-screen buyers, manage NDAs, and control the flow of information at each stage of the sale. An advisor also ensures that potential buyers do not bypass the owner to contact employees, suppliers, or clients directly. Beyond protecting confidentiality, a skilled advisor improves the quality of negotiations. Many business owners lack experience in structuring deals, which can lead to undervaluing their company or agreeing to terms that do not serve their best interests. An experienced advisor brings expertise to the table, reducing risks and increasing the likelihood of a successful sale. Confidentiality in a business sale is not just about protecting numbers. It is about safeguarding relationships, maintaining trust, and preserving the competitive edge of the business. A well-structured sale process ensures that information is disclosed strategically and only to qualified buyers. To protect business secrets while selling: A serious buyer will respect these steps. A buyer who resists them may not be worth engaging with. Selling a business is a significant transaction. Taking the right precautions ensures that the value you have built remains protected throughout the process.
