Acquisition Due Diligence Fraud Story

In 2021, JPMorgan Chase paid $175m for Frank, a college financial aid platform.

Founder Charlie Javice claimed Frank had 4.25m customers, per The Wall Street Journal.

But when JPMorgan sent emails to 400k users, only 28% were delivered.

Now, JPMorgan is suing Javice and Frank exec Olivier Amar, alleging they faked 4m+ accounts to bolster the startup’s value when, in reality, it had less than 300k customers.

How would find this in Due Diligence? test email?