A group of Newsweek investors has voluntarily dropped their lawsuit against Dev Pragad in Westchester County Supreme Court — exactly one year after filing it.
The reason: just six days before the dismissal, IBT Media Inc. sent a formal letter to Pragad's company, NW Media Holdings Corp., declaring that the 2018 agreement by which Pragad claims to own Newsweek was never legally completed — and therefore never valid.
