Two Dutch lawyers, who filed the criminal complaint shortly
after the IPO in March have filed a separate lawsuit against ABN
Amro, the bankers that handled the IPO with Goldman Sachs. One of
the lawyers, Gerard Spong, said “We are seeking complete
compensation for all shareholders.” In fact, the action was on
behalf of only five shareholders.
A spokesman for the Dutch bank said, “We see no grounds for any
legal claim against us.”
World Online floated on 17th March this year but the shares fell
sharply following allegations that founder Nina Brink sold two
thirds of her stake in the company in advance and at a fraction of
the offer price without declaring her sale. This led to the raising
of a class action on behalf of investors. Ms Brink was forced to
resign.
A decision on whether to launch a formal investigation is
expected in a few weeks.
