SoftBank is suing IRL, a social app, for fraud and seeks $150 million in damages. The lawsuit was filed after reports that the app's user base comprised mainly of bots and automated accounts. SoftBank had purchased IRL shares valued at $1 billion in May 2021. The app, which had claimed to have 12 million monthly active users, is also facing an investigation by the Securities and Exchange Commission. SoftBank alleges that IRL artificially inflated user data with bots and claims that its user metrics were inaccurate. The app had announced layoffs earlier this year.
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