eToys Suing Goldman Sachs For Underpricing IPO
from the oh-come-on dept
Here's more proof that there's always someone with deep pockets you can sue. What's left of eToys is now suing Goldman Sachs for underpricing their IPO. eToys is saying that GS underpriced the IPO so that it would pop on the first day, while they received kickbacks from customers they allocated shares to. For years, I've been wondering why all the companies that had a huge first day run up didn't complain to their banks. While it made big news and companies seemed to think it meant they were a hit - it actually meant that they left many millions of dollars on the table. Of course, why it took eToys 3 years to realize this is certainly an open question.
Thank you for reading this Techdirt post. With so many things competing for everyone’s attention these days, we really appreciate you giving us your time. We work hard every day to put quality content out there for our community.
Techdirt is one of the few remaining truly independent media outlets. We do not have a giant corporation behind us, and we rely heavily on our community to support us, in an age when advertisers are increasingly uninterested in sponsoring small, independent sites — especially a site like ours that is unwilling to pull punches in its reporting and analysis.
While other websites have resorted to paywalls, registration requirements, and increasingly annoying/intrusive advertising, we have always kept Techdirt open and available to anyone. But in order to continue doing so, we need your support. We offer a variety of ways for our readers to support us, from direct donations to special subscriptions and cool merchandise — and every little bit helps. Thank you.
–The Techdirt Team
Reader Comments
Subscribe: RSS
View by: Time | Thread
Ironic
[ link to this | view in chronology ]