Twitter was sued for $124 million by two financial firms that claim the Internet company engineered a failed private sale of its shares to pump up investor interest for its planned initial public offering.
The firms, Precedo Capital Group Inc. and Continental Advisors SA, sued Wednesday in Manhattan federal court, claiming Twitter fraudulently used the aborted sale to set a $10 billion valuation for itself and a floor price for the IPO.
“Twitter never intended to complete the private sale of Twitter stock,” the firms said in their complaint. “Twitter’s intention was to induce Precedo Capital and Continental Advisors to create an artificial private market wherein Twitter could maintain that a private market existed at or about $19 per share for the Twitter stock.” Read more...
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via Mashable http://mashable.com/2013/10/30/twitter-sued-private-share/?utm_medium=feed&utm_source=rss
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