Jurors in a Broward County, Florida Circuit Court returned a favorable verdict for Tramar “Flo Rida” Dillard on Wednesday, netting the Florida rapper and two other defendants more than $82 million in a case against Celsius Holdings, Inc. CELH.
The Background: Before Celsius went public in 2017, Flo Rida inked an endorsement agreement in 2014 and renewed it in 2016.
The rapper filed a lawsuit against the company in 2021 that stated he was denied the 500,000 stock options and 250,000 bonus shares he was promised as part of his agreement.
Initially, the rapper and his attorneys demanded at least $30,000 in damages for breach of contract.
According to lawyer John Uustal, Flo Rida would still be willing to accept the stock rather than the monetary award from the jury because he wanted the 1% ownership of the company he had been promised.
The jury awarded the rapper $82.6 million; the 750,000 shares are currently worth $76.3 million.
The civil complaint said that from 2014 to 2018, Flo Rida served as a brand ambassador for Celsius. Flo Rida’s attorneys said he had a successful endorsement relationship with Celsius that was crucial in ushering in a new era for the company’s brand development, growth and expansion.
In court, Celsius’s attorneys disagreed, claiming that other business moves enhanced sales and stock value and that the company experienced its greatest success after the Flo Rida endorsement arrangement had terminated.
How did the rapper celebrate the win in court?
He took a sip of Celsius.
Image and article originally from www.benzinga.com. Read the original article here.