In a shocking turn of events, Adam Bold, the self-made millionaire and majority owner of talent representation firm A3 Artists Agency, has been hit with a lawsuit filed by his partners. The lawsuit, filed on Tuesday in Los Angeles Superior Court by CEO Robert Atterman and President Brian Cho, accuses Bold of not only running the company into financial chaos with overspending but also engaging in sexual misconduct.

The court papers allege that Bold has been plunging the agency into disarray through reckless spending and mismanagement. In addition, Bold is accused of trying to squeeze out leadership in a proposed sale of parts of A3 to rival agency Gersh. The lawsuit also claims that Bold has developed a reputation as an "office creep" and "sex pest," with incidences of sexual harassment involving nearly 200 employees.

The lawsuit describes a "run of terror" orchestrated by Bold, leading to A3 being in a state of chaos and dissolution. Agents are reportedly leaving the sinking ship and seeking opportunities at A3's competitors, fearing the worst for the future of the agency.

A3 Artists Agency, which represents a range of clients including well-known figures such as Jason Alexander, Vivica A. Fox, and Beverly D'Angelo, came under Bold's majority ownership in 2018 when he acquired a stake in the agency previously known as Abrams Artists.

Among the allegations, the lawsuit asserts that Bold is a habitual cocaine user who often appears intoxicated at the office and during company events. Furthermore, it accuses Bold of engaging in sexual harassment towards female employees, firing those he deemed unattractive, and making inappropriate remarks about women and his personal preferences.

Bold vehemently denies all allegations, stating that the lawsuit is a "shake down and pure extortion." He claims to possess evidence refuting drug use and sexual misconduct claims. According to Bold, the attorney representing Atterman and Cho, Bryan Freedman, holds a "personal vendetta" against him and the agency. Bold argues that the lawsuit itself is in violation of all partners' fiduciary duty and will have negative consequences.

Freedman, however, represents Atterman and Cho, and he dismisses Bold's claims as "grandiose narcissism." Freedman states that the lawsuit aims to hold Bold accountable, emphasizing that Bold is "not important enough to have a vendetta against."

The lawsuit alleges that Bold systematically created a toxic workplace by pitting agents against each other, resulting in threatened lawsuits and civil rights complaints by A3 employees. These complaints have reportedly led to confidential settlements and an exodus of agents and their clients.

Atterman and Cho also assert that they were coerced into signing new employment agreements in May, agreements that restricted their executive power. The plaintiffs claim that they had no visibility into negotiations for the sale of A3's divisions and had limited clarity regarding the future of the agency.

The lawsuit seeks an injunction against Bold's decision-making authority at A3 and punitive damages for Atterman and Cho. The agency has witnessed several partner departures throughout the year, with the most recent being Jamie Pillet in late October. Despite industry-wide layoffs, A3 stood out by going against the trend and expanding, which reportedly added to the instability within the company.

The lawsuit unveils Bold's alleged desire to project wealth and excess to attract clients, citing extravagant expenses such as $2 million on furniture and decorations for the agency's New York offices at the Empire State Building. The rent for this location was reported to be four times higher than the previous one, amounting to $160,000 per month. Impressively, Bold also spent $500,000 on Rolex watches for the company's agents and hosted a lavish retreat costing over $1 million, a significant portion of A3's operating capital.

The outcome of the lawsuit remains to be seen, but it is evident that A3 Artists Agency is currently facing a turbulent period of upheaval and uncertainty.