Last Wednesday, TechCrunch broke news that quite a few people had left Rothenberg Ventures, including a managing director, partner and director of finance. Well, it appears that was just the tip of the iceberg. The very next day TC followed up with more details on the shakeup at the firm and, boy, is the story juicy.
For one, the exodus of employees is much more than originally thought. On top of what was previously reported, the firm’s chief revenue officer, chief financial officer and a venture partner have all left. Rothenberg’s website was also taken down Thursday night.
So what’s behind this? According to a TC source, the firm is the target of an investigation by the SEC after an ex-employee notified the agency of possible breach of fiduciary duty. Although SEC investigations are handled privately, don't be surprised to see more details around this story emerge.