Cookies on Pinsent Masons website

This website uses cookies to allow us to see how the site is used. The cookies cannot identify you. If you continue to use this site we will assume that you are happy with this

If you want to use the sites without cookies or would like to know more, you can do that here.

World Online sued over floatation irregularities

A Dutch court will today hear allegations that World Online, its former chairwoman, Nina Brink, and its bankers, ABN Amro, broke Dutch securities regulations when the ISP floated on the Amsterdam stock market.15 May 2000

The class action is being brought by Dutch lawyer Bob van der Goen on behalf of 1,000 people who bought shares in the company when floated earlier this year. Van der Goen argues that shareholders were misled in the prospectus for the initial public offering (IPO) over the nature of the ISP’s business. He is demanding answers to numerous questions surrounding the floatation, with a view to recovering damages for the losses of investors and ultimately hopes “to declare the IPO null and void.”

World Online floated on 17th March but the shares fell sharply following allegations that the founder, Nina Brink, sold two thirds of her stake in the company in advance without declaring her sale. It has also been revealed that Brink was involved in several companies which face bankruptcy proceedings.

Ms Brink has been forced to resign following the outcry.