Profit’s Marcus Lemonis faces a $ 30 million lawsuit

Marcus Lemonis

Photo by Nick Tininenko / Getty Images for ML Fashion

NBC Universal and CNBC presenter Marcus Lemonis they are being sued for $ 30 million by the manager of a Pennsylvania-based design company that went bankrupt after being featured on the Lemonis show: Profit.

The Los Angeles Times published an article Sunday on allegations of fraud and breach of contract at the heart of a lawsuit filed by Precise Graphix. The interior design company was founded by the brothers Keith and Dean Lydenof whom the latter was a fan ProfitLemonis emission – in which he usually invests in companies in difficulty, offers them his experience and audits the company in an effort to make his investment worthwhile.

The lawsuit alleges that Precise Graphix generated $ 4 million in annual revenue when the Lydens came to Lemonis, and they did so because they hoped to get it as an investor to help grow the business. However, after Lemonis joined the company, things did not go as the Lydens expected, according to LA Times report:

NBC used manufacturers and Lemonis to create chaos and divide business owners and overburden the company with debts, leading to its downfall, the manager claims.

Lemonis was given one-third of the company’s stock and control of its decisions without an initial $ 270,000 investment in Precise Graphix, the complaint said. The funding was related to the redesign and remodeling of two Camping World locations in three weeks, the lawsuit said. Lemonis is the president and CEO of Camping World Holdings, in which he has more than a 40% stake.

The company reportedly had to complete loss-making projects, most of which were for entities controlled by Lemonis. In 2021, a debt-laden company filed for $ 6 million after Lemonis failed to sign a credit line renewal.

In addition, the commissioner claims, during the filming, the team told the owners that they were “boring” and forced the staff to find out details about the relationship between the brothers, who were portrayed as incompetent.

The article further describes how Precise Graphix is ​​included in Profit contributed to tensions between the Lynden family, even when Keith Lynden eventually gained full ownership of the company after Lemonis had previously bought out Dean’s stake. The Precise Graphix lawsuit follows three other defamation and fraud lawsuits filed by other companies that were also involved in the show.

“NBCUniversal, and then Machete [the production company]created a mafia-style scam that belittled, denigrated and falsely portrayed companies they promised to help, such as Precise Graphix, Lynn E. Feldmansaid the manager of Chapter 7 in the lawsuit.

Machete, NBC and CNBC declined to comment LA Times, although Lemonis claimed the allegations were unfounded, saying “I will no longer allow people to create their own story based on a false reality. I work hard and respect money and I take very seriously any attempt to unethically withdraw money from myself. ”

Lemonis ’statement comes after he sued Keith Lynden last year, accusing him of breach of contract.

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