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Case Study – Secret, Inc. (social media)

Case Study – Secret, Inc. (social media)


Secret was a high profile social media site that raised significant institutional capital. Unfortunately, the founders and board were dissatisfied with the direction of the company’s evolution and elected to shut down the site, wind down the company, resolve all creditor claims, and return unused capital to investors.

Having received shareholder approval to do so, the company retained Armanino to take on officer and director roles and manage the orderly wind down of the company.

In accordance with Delaware statute, Armanino executed the wind down, communicated with all creditors, settled all open and approved claims, filed all the required dissolution paperwork and final taxes, and ultimately distributed $13M to the investors.