Precedo Capital Group Inc. and Continental Advisors SA are suing Twitter over failed private sale of Twitter’s shares in 2012 to set $10 billion valuation for itself and better price for initial public offering. Both firms claim that Twitter never intended to complete the private sale of $278 million worth of shares and they lost $24.2 million in fees, commissions and expenses. They want additional $100 million in punitive damages. Jim Prosser, Twitter’s spokesman, said that the company never had any relationship with these plaintiffs. Twitter’s IPO is scheduled for 6^th November and the company is seeking $1.4 billion, at the top pf the proposed range, Twitter’d be valued at $10.9 billion.

 

Via: bloomberg

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