Feeds

WorldOnline to fight legal action by shareholders

Did you honestly expect anything else?

  • alert
  • submit to reddit

Intelligent flash storage arrays

WorldOnline is to contest a claim for damages brought by disgruntled shareholders following its IPO last year.

Earlier this week VEB - an association of private shareholders from Holland - began formal legal proceedings against the ISP claiming that WorldOnline withheld vital information ahead of the E2.9 billion float.

However, WorldOnline spokeswoman, Margaret van Kempen, told The Register that WorldOnline was unmoved by the claim.

"They [VEB] have no legal ground at all," she said.

In November 2000 the HQ of WorldOnline was raided concerning allegations of insider trading.

In Spring 2000 the company floated on the Amsterdam Stock Exchange but not before WorldOnline founder and ex-chairwoman Nina Brink had sold her stake in the ISP for $60 million - valuing her slice of the business at just E6 a share.

The initial price of WorldOnline was E43 a share but fell sharply after floatation.

Some investors claim that had they been told of this they would never have invested in the company in the first place.

Last year WorldOnline was bought by Italian outfit, Tiscali, for £3.6 billion. ®

Related Stories

World Online raided in insider trading probe
World Online happy with Italian job
World Online staff get Nina Brink back in their face
World Online punters vent fury at Brinkmanship

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Spies, avert eyes! Tim Berners-Lee demands a UK digital bill of rights
Lobbies tetchy MPs 'to end indiscriminate online surveillance'
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.