Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, August 22, 2007

Underwriter Backs Out of Start-Up IPO

The $80.5 million IPO for Accoona is on hold, after the underwriter withdrew from the deal after completing its due diligence.  Although Accoona has been associated with some prominent figures, most notably former President Clinton, it has a checkered business record and was started by a promoter with a shady past.  Marc Armand Rousso pleaded guilty to stock fraud in this country and was convicted of stock fraud in France.  The company describes its business as an Internet search engine powered by artificial intelligence technology, but its revenues come principally from online electronic stores.  NYTimes, Misgivings Spoil Plans of Start-Up.

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