Sunday, November 29, 2009


ABC NEWS--ABN AMRO, Goldman Sachs and World Online misled investors during the 2000 initial public offering (IPO) of the Dutch Internet provider, the Dutch Supreme Court ruled on Friday.

The listing of World Online in March 2000 was the biggest Dutch Internet IPO at the time, valuing the company at 12 billion euros ($18 billion). The stock plunged after it became known that World Online's chief executive had sold shares far below the IPO price before the stock was floated.

ABN AMRO and Goldman Sachs were jointly global coordinator, lead manager and bookrunner of the IPO.

"The unlawful behavior of World Online, ABN AMRO , and Goldman Sachs has been confirmed by this ruling of the Supreme Court," the court said in a statement.

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