Feeds

WorldOnline to fight legal action by shareholders

Did you honestly expect anything else?

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

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

Secure remote control for conventional and virtual desktops

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.