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.