Founder of Shark Tank-backed startup Scholly sues his acquirer Sallie Mae

Scholly founder Chris Gray is suing Sallie Mae for wrongful termination and alleging that the student loan company sells user data—including personal information on minors—without proper disclosure or consent. The lawsuit and accompanying SEC complaint claim Sallie Mae broke acquisition promises to protect privacy and scale the free scholarship app. The case highlights data handling risks and employment disputes in fintech acquisitions.