SEE YOU IN COURT: Twitter Inc was sued for US$124mil (RM390.84mil) on Wednesday by two companies claiming the social media darling fraudulently had them organise a private sale of its shares to stoke investor interest for an initial public offering then canceled it. — Reuters
NEW YORK: Twitter Inc was sued for US$124mil (RM390.84mil) on Wednesday by two companies claiming the social media darling fraudulently had them organise a private sale of its shares to stoke investor interest for an initial public offering then canceled it.
In a lawsuit filed in US District Court in Manhattan, Precedo Capital Group Inc and Continental Advisors SA accused Twitter of using the aborted sale as a way to give the money-losing company a US$10bil (RM31.52bil) market valuation and higher IPO price.
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