Colorado’s Ty Haney accused of $3M investment fraud

Ty Haney Accused of Defrauding Investors in Energy Drink Brand

A lawsuit has been filed against Ty Haney, the founder of Outdoor Voices, alleging that she defrauded local investors in her energy drink brand, Joggy. These investors reportedly injected $3 million into the company to save it from insolvency.

Outdoor Voices, launched by Haney in 2013, was once valued at $110 million before facing financial troubles and closing its stores in 2020. Haney was forced out but later brought back by a venture capital firm that acquired the company.

Aside from Outdoor Voices, Haney has launched other ventures including Try Your Best, a rewards program, and Joggy energy drinks. Joggy, valued at $8 million, had secured a deal with Target and was on the path to success.

The lawsuit alleges that Haney approached Dustin Simantob of Sinco Inc. for additional capital to fulfill the Target order. Sinco agreed to invest in Joggy, expecting a 20% stake in the company in return.

Sinco invested $3 million in Joggy, facilitated the Target order, and made operational improvements. However, Haney allegedly reneged on the agreed terms, proposing to reduce Sinco’s equity from 20% to 3%.

As a result, Sinco and other investors are suing Haney and Joggy for securities fraud, misrepresentation, breach of contract, and more.

Other investors involved in the lawsuit include David Chamberlin and Susan Routt of Boulder, as well as a California company. Legal representation for the investors is being provided by Rohn Robbins, Doug Stevens, and Justin Miller at Caplan & Earnest in Boulder.

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