By Brendan Byrne. Originally published at ValueWalk.
Scanz Technologies has filed a lawsuit against Timothy Sykes. A popular penny stock trader Timothy Sykes, the news picked up quickly on Twitter including sharp reactions to Sykes’s recent charity donation and “software issue glitch”.
Q2 2020 hedge fund letters, conferences and more
YO @Timsykes I MIGHT BE A YOUNG, DUMB, FAKE MILLIONAIRE BUT AT LEAST I WILL NOT BE IN HOLE FOR 80 MIL.
Next time, instead of stealing IP join Atlas And we will teach you everything❤️$RVVTF $RLFTF $NXTD $TTCM $OPTI $FORD https://t.co/q6eFDCgev4
— Hugh_Henne (Not Hef) (@Hugh_Henne) August 4, 2020
NEWSFLASH > The software doesn’t work because theyre being sued by Scanz for pirating the software and passing it off as his own creation. Under the court filing there is a cease and desist. So they have to switch it off or face further legal consequences https://t.co/6MKufau9CP pic.twitter.com/Mtmdm20gT9
— AntonKreil (@AntonKreil) August 5, 2020
Sykes and Bohen crew ripping off software secrets from Scanz Tech 😳🤣 👇https://t.co/C0AFG0jq0V
— TRADER99 (@pennytrader99) August 7, 2020
Investor Hub blog post https://investorshub.advfn.com/boards/read_msg.aspx?message_id=157309028
Scanz Technologies Files Lawsuit Against Timothy Sykes
Long story short, Scanz Technologies, Inc filed the complaint on July 17, 2020, accusing Timothy Sykes of having allegedly illegally copied and monetized Scanz’s original trading platform called EquityFeed. Scanz is now seeking $10 million for damages plus punitive damages.
The complaint alleges that Sykes created his copycat, StocksToTrade, in 2016, whereas Scanz had created their original trading platform nearly two decades ago and has been working hard to perfect it since. The interesting part is that Sykes’s first alleged copycat version emerged shortly after Scanz terminated their White Label contract with Sykes in 2015. In the termination contract Sykes agreed to never copy the look, feel, assets and trade secrets of EquityFeed, states the suite.
Day Trade Review states “First, there’s EquityFeed. It’s no secret that StocksToTrade was initially a white-labeled version of the EquityFeed platform.” https://daytradereview.com/stocks-to-trade-software-review/
Top Trade Reviews states that “The stock scanner bears resemblances to the filter builder in EquityFeed.” https://toptradereviews.com/stockstotrade-review
The complaint states that Sykes not only copied the look and feel of its products after termination of the agreement, but that he went even further and blatantly violated state and federal law in mimicking Scanz’ products and swaying the public with illegal product offerings.
Sykes’s sudden and fast rise to success has raised ire across global and social media, questioning some of his tactics.
Scanz is seeking justice for Sykes’s supposed copycat damages and business-espionage, based on the complaint. Scanz is asking to seize Syke’s illegal platform and be awarded for the damages intentionally inflicted by Sykes.
The post Timothy Sykes Sued for Stealing Trading Platform Technology appeared first on ValueWalk.
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