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Tentative Settlement Reached In IPO Fixing Class Action Suit
from the that'll-make-the-lawyers-happy dept
A class action lawsuit that was filed against a number of companies that had their IPOs during the boom years has been settled. The class action suit alleged that the firms and their investment bankers artificially inflated the prices of the shares that were sold. I have mixed feelings on this. Everyone knew that these tricks were going on at the time - no one even kept it a secret. However, it was, in part, the small individual investors who were clamoring for this. They wanted more IPOs, and they always wanted the opening day price to shoot up (even though that really meant that something was wrong with whoever priced it). So, this is yet another case where everyone should take part of the blame. Of course, I wonder who actually will get money from the class action suit (other than the lawyers).
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