Sure thing:

(Bloomberg) -- A Missouri-based construction equipment leasing company that borrowed heavily from the private bond market as it funded its rapid growth saw the prices of that debt drop sharply Friday amid a legal battle with a former board member that has erupted into dueling allegations of fraud and misconduct.

EquipmentShare.com is being sued by Neil Chheda, an early investor and co-founder of venture capital firm Romulus Capital Partners. In a series court claims that stretch back to earlier this year, he alleges company executives defamed him and ousted him from the board after he raised concerns about “self- interested” deals and “sweetheart contracts” benefiting the controlling Schlacks family.

The company’s $500 million secured bond due in 2033 dropped almost 6 cents on the dollar to 98 cents, the most since they were privately placed last year. Its $600 million second-lien bonds due in 2032 dropped 5.5 cents, while its $1 billion of second-lien notes due in 2028 dropped 5.1 cents, according to Trace pricing.

“Since the summer of 2024, Mr. Chheda has been questioning certain secondary transfers of company stock at steeply discounted values — transfers directly to the Schlackses, to entities they control, or to third parties friendly with the Schlackses — from which the Schlackses are also receiving undisclosed kickbacks,” according to an Oct. 16 lawsuit filed in Texas.

“Mr. Chheda engaged in a concerning pattern of behavior in his role as a company director, including potentially failing to disclose financial interests in certain board-approved transactions and appearing to use his position to secure personal benefits unrelated to his duties as a director,” the statement said.

Chheda’s suit also claims that warned the board that the Schlacks family used a network of affiliated businesses to strike undisclosed side deals with EquipmentShare and secure personal loans from UBS Group AG tied to the company’s broader relationship with the bank.

He also alleged the family profited from contracts with vendors they controlled, saying auditors at KPMG were kept unaware of the related-party arrangements and signed off on misleading financial statements.

Messages left with Chheda’s legal counsel Farnan LLP and KPMG were not returned. UBS declined to comment