India, Aug. 14 -- A federal lawsuit filed in Delaware has accused mental health startup Wondermind, co-founded by Selena Gomez, her mother Mandy Teefey, and entrepreneur Daniella Pierson, of defrauding investors. The complaint alleged that the company misrepresented its business prospects, leadership, celebrity partnerships, and product development.

Wondermind was launched in 2021 as a mental fitness company that aimed to reduce stigma surrounding mental health through digital content and wellness resources.

The complaint was filed by Wondermind SRS 44 LLC and Bespoke Wondermind SPV I LLC, two investment entities that funded the startup.

The lawsuit seeks to rescind nearly $1.2 million in investments and recover damages.

The lawsuit a...