Sharestates, Inc. v. Hari Maddali and Copper Bricks LLC

District Court, E.D. New York·Decided August 17, 2026·No. 2:24-cv-00812·Unknown

Opinion

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK SHARESTATES, INC., Plaintiff, -against- HARI MADDALI and COPPER BRICKS LLC, MEMORANDUM & ORDER 2:24-cv-812-GRB-ST Defendants. HARI MADDALI and COPPER BRICKS LLC, Counterclaim Plaintiff, -against- SHARESTATES, INC., Counterclaim Defendant, -and- ALLEN SHAYANFEKR, Third-Party Defendant. TISCIONE, United States Magistrate Judge: Sharestates sued Hart Maddali and Copper Bricks alleging breach of contract from an employment dispute. Maddali and Copper Bricks filed counter claims, alleging Sharestates failed to pay outstanding invoices and past due salary. Now Copper Bricks and Maddali allege Sharestates representatives—Amy Doshi and Radni Davoodi—coerced witnesses in India for favorable affidavits. Now before this Court is Maddali and Copper Bricks’ Motion to Amend seeking to add Doshi and Davoodi as parties, and bring claims for account stated, tortious interference, and abuse of process. Because the amendments are not prejudicial and their inclusion would expedite resolution of the entire controversy, the motion is GRANTED. -|-

BACKGROUND In giving background, this Court refers to the Complaint (“Compl.”), ECF No. 2, Answer (“Ans.”), ECF No. 11, and Proposed Amended Answer/Third-Party Complaint (“Am. Ans.”), ECF No. 132-3.! Sharestates is a New York-based real estate lender. Compl. § 1; Ans. § 49. Allen Shayanfekr (“Shayanfekr’”) is Sharestates’ CEO. Ans. § 50. Amy Doshi (“Doshi”) was Sharestates’ General Counsel. Am. Ans. § 55 — 56. Radni Davoodi (““Davoodi”) is Sharestates’ Chief Compliance Officer. Id. 9] 53 — 54. Hari Maddali (“Maddali”) worked for Sharestates from 2016 through his resignation in 2023. Ans. § 69; Compl. Jf 6 — 9. At some point, Maddali became Sharestates’ Chief Technology Officer, but the parties dispute whether that role began in 2016 or 2019. Compl. § 6; Ans. {| 69. As CTO, Maddali oversaw Sharestates’ technology and deal trading platform. Ans. 56

— 57. Maddali was also responsible for hiring and paying overseas technology consultants, most of whom were based in India. Compl. §§ 8, 12 — 14; Ans. J 56 — 61. In 2016, Maddali founded Copper Bricks—a technology consulting firm. Ans. Jf 60 — 61.7 Sharestates alleges Copper Bricks was formed solely to hire and pay Sharestates’ overseas consultants. Compl. § 12. Maddali contends he founded Copper Bricks more broadly to provide “technology and management consulting services to corporate clients in the U.S. and overseas.” Ans. § 60. The crux of Sharestates’ Complaint is that Maddali and Copper Bricks inflated invoices for overseas consulting fees, embezzling millions of dollars. Compl. 14 — 18. Sharestates sent

Sharestates filed its complaint in Nassau County Supreme Court in December 2023. It was removed to Federal Cout in February 2024. See Notice of Removal, ECF No. 1. 2 Where appropriate, the Court will refer to Maddali and Copper Bricks collectively as Copper Bricks. -2-

Copper Bricks $8,547,091 and discovered the amounts invoiced “were a fraction of the amounts billed[.]” /d. § 17. For example, on one occasion Copper Bricks invoiced Sharestates $199,700 for $27,300 of work. /d. 18. Sharestates brought causes of action for fraud, breach of contract, breach of fiduciary duty, and unjust enrichment against Copper Bricks and Maddali. /d. 9 24 — 40. On February 16, 2024, Copper Bricks filed an Answer asserting counterclaims. Maddali alleges he was initially hired by Sharestates as a technology consultant in 2015 and was tasked with hiring additional consultants. /d. 57 — 59. But notably, Shayanfekr was involved with hiring consultants and personally oversaw costs “at every stage for each new hire.” Jd. § 61. According to Maddali, the Parties had an agreed upon process for paying consultants: “TeJach consultant was paid an agreed upon flat monthly fee. All consultants prepared a monthly invoice for their respective monthly fee. The individual monthly invoices were then consolidated, listing the totals of each consultant for that month. Copper Bricks submitted that consolidated invoice to Sharestates, without any mark-up.” Jd. § 63. The information was then uploaded to a shared platform—the Box Account—and reviewed on a weekly basis by Shayanfekr and Davoodi. /d. § 64. Copper Bricks would pay the consultants then Sharestates would reimburse. /d. § 65. Maddali alleges “Sharestates and Shayanfekr were aware of and approved this arrangement.” Jd. In March 2017, Maddali’s compensation was altered from an hourly rate to a monthly fee at Sharestates’ request. /d. § 66. Maddali also received 2% equity in Sharestates. /d. In 2019, Shayanfekr asked Maddali to formally join Sharestates as an employee. /d. ¥ 68. Maddali, concerned that managing Copper Bricks while employed by Sharestates would be a conflict of interest, suggested executing a separate agreement between Copper Bricks and

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Sharestates. Jd. Shayanfekr assured Maddali no conflict would arise, and no written agreement was necessary. /d. Maddali formally joined Sharestates in December 2019 as CTO for a $325,000 salary. Id. § 69. He retained 2% equity when hired but was required to sell 1% during Series A funding receiving approximately $600,000. Jd. § 70. During his tenure as CTO, Maddali and Copper Bricks built Sharestates’ deal trading platform. /d. § 74. In 2022, Shayanfekr claimed Sharestates was losing business due to interest rate hikes and terminated consultants without paying for delivered work. /d. 75. Although in many cases, Copper Bricks already paid the consultants and Sharestates did not reimburse. /d. From January to June 2022 Sharestates failed to pay Copper Bricks $1,445,624. Id. ¥ 76. The Parties negotiated a payment plan where Sharestates paid 50% of the outstanding balance in July 2022 and agreed to pay the remaining by December 2022 /d. 477. Sharestates, however, failed to pay the remaining 50%. Id. In December 2022, Shayanfekr informed Maddali Sharestates planned to retain a new consultant agency owned by Sam Kaddah and would end its relationship with Copper Bricks March 2023. Id. 79. Copper Bricks stayed on for several months to train the new team. /d. Maddali alleges Sharestates and Shayanfekr planned to avoid paying Copper Bricks and poached its consultants through the new agency. /d § 80. But in April 2023, Sam Kaddah’s relationship with Sharestates ended, and Shayanfekr requested Copper Bricks remain and help Sharestates until a planned data center migration was completed. /d. § 81. Shayanfekr again promised to pay its outstanding balance with Copper Bricks. /d. Maddali agreed, but Sharestates— again—failed to fully pay the remaining balance. /d. § 86. In September 2023, Sharestates hired a new technology consultant team and again informed Copper Bricks of its intent to discontinue services. /d. § 84. Once again, Maddali and

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