A shareholder of the healthcare technology firm Semler Scientific has initiated legal action intending to prevent the company’s planned merger with Strive, an asset management entity that has transitioned into a Bitcoin treasury organization led by former presidential candidate Vivek Ramaswamy.

The lawsuit, lodged in the US District Court, targets Semler Scientific along with its board, alleging they deceived shareholders regarding the financial equity of the merger. Terry Tran, the plaintiff, claims the Semler board, including CEO Douglas Murphy-Chutorian and directors Eric Semler, William Chang, and Daniel Messina, failed to provide adequate information about the financial fairness surrounding the merger.

Tran’s grievance indicates that crucial financial details concerning the deal’s impacts were omitted. The request to the court includes a stoppage of the shareholder vote until the company rectifies these informational gaps. Should the merger be finalized prior to the injunction, Tran seeks to nullify the arrangement or pursue financial compensation.

The merger proposal, announced in September, suggested that Semler shareholders would receive 21.05 shares of Strive Class A common stock for every share they held. If the court favors the plaintiff’s request, the merger process may be significantly delayed.