SkillCycle CEO & founder files federal lawsuit alleging predatory takeover, fraud, and retaliation by venture capital firm. Nesenoff & Miltenberg, LLP Apr 21, 2026, 12:44 ET Nesenoff & Miltenberg, LLP, together with Kristy McCann, founder and former Chief Executive Officer of SkillCycle, Inc., have filed a federal lawsuit in the United States District Court for the Southern District of New York against BIP Ventures, L.P., BIP Ventures Management, LLC, and principal Mark Buffington, alleging a systematic coordinated scheme to unlawfully seize control of her company, strip her equity, and damage her professional reputation. NEW YORK, April 21, 2026 /PRNewswire-PRWeb/ - Nesenoff & Miltenberg, LLP, together with Kristy McCann, founder and former Chief Executive Officer of SkillCycle, Inc., have filed a federal lawsuit in the United States District Court for the Southern District of New York against BIP Ventures, L.P., BIP Ventures Management, LLC, and principal Mark Buffington, alleging a systematic coordinated scheme to unlawfully seize control of her company, strip her equity, and damage her professional reputation. The complaint details what McCann describes as a "loan-to-own" strategy executed by the defendants, involving coercive and predatory financing tactics, deliberate withholding of capital, and manipulation of corporate governance mechanisms to force a significant dilution of her ownership stake - from approximately 80 percent to roughly four percent in the past few years. This is a pattern that McCann has documented across many BIP portfolio companies. According to the filing, SkillCycle - an AI SaaS Work Tech Company platform founded by McCann - had at one point reached a valuation of nearly $29 million and was one of Inc.'s fastest growing companies in 2025. The lawsuit further alleges that after McCann fought to preserve her stake in her company, the defendants orchestrated a hostile board takeover, including the conversion of preferred shares to common stock to gain control, followed by her termination within days. McCann had been actively trying to remove BIP as an investor for roughly two years when she learned of this scheme. In addition to claims of breach of fiduciary duty and contract violations, the complaint asserts serious allegations including defamation, invasion of privacy, gender discrimination, RICO violations, and retaliation. McCann also alleges that following her termination, the defendants engaged in a campaign to justify their actions, including unauthorized access to her deleted email account and the dissemination of false accusations of fraud - claims she states were contradicted by the company's own internal financial personnel, board members and other SkillCycle investors. "This lawsuit seeks to hold the defendants accountable for what we allege is a calculated and unlawful effort to take control of a founder-built company through coercion, misinformation, and abuse of power," said counsel for the plaintiff. The complaint also describes a broader pattern of similar conduct by the defendants involving several other portfolio companies, suggesting predatory systemic practices that extend beyond SkillCycle. McCann is seeking declaratory and equitable relief, including rescission of the alleged equity dilution, restoration of her ownership stake, compensatory damages, and punitive damages. The complaint also seeks treble damages under RICO statutes. The case is KRISTY McCANN, individually and derivatively on behalf of SKILLCYCLE, INC., Plaintiff, v. BIP VENTURES, L.P.; BIP VENTURES MANAGEMENT, LLC; MARK BUFFINGTON; and SKILLCYCLE, INC., filed in the THE UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF NEW YORK, Case Number 1:26-cv-03138. Media Contact Andrew T. Miltenberg, Partner, Nesenoff & Miltenberg, LLP, 1 415-684-8080, [email protected], www.nmllplaw.com Kimberly Courtney, Nesenoff & Miltenberg, LLP, 1 415-684-8080, [email protected], www.nmllplaw.com SOURCE Nesenoff & Miltenberg, LLP

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