Major Avid Life Media investor continues to back embattled company

Major Avid Life Media investor continues to back embattled company

In a recent statement, major Ashley Madison investor Phillip DeZwirek said that he will continue to back the cheating website's embattled parent company ---Canada-based Avid Life Media. DeZwirek is the majority shareholder in Avid Life Media. DeZwirek, his son, and the family's investment company - Icarus Investment Corp - altogether have a 30.5 percent stake in Avid Life Media.

The statement by DeZwirek - that the Ashley Madison crisis will not affect his backing of Avid Life Media - comes at a time when the July attack on Ashley Madison's systems, and the recent exposure of members' data by hackers, continues to be a cause of concern for the website's members.

On Thursday, the crisis engulfing Ashley Madison and Avid Life Media deepened further, after a class-action lawsuit was filed against the company by lawyers. The lawsuit is claiming $750 million in damages from the leak of Ashley Madison members' emails stolen by hackers in the July attack on the website.

However, in his statement, DeZwirek said that he was not concerned about a potential material cost related to either settling or fighting the class-action lawsuit; and added that the Avid Life Media business "is continuing normally."

DeZwirek also said that "class-action lawsuits are a part of the American way of life, and they have seeped slowly into Canada." He further asserted: "As an investor, I'd be more concerned with finding out who did this and having them punished by the criminal system."

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