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WPP Group suffered a major setback when its lawsuit against Spot Runner was dismissed in federal court.
In a ruling issued earlier this month, the U.S District Court of Central California dismissed the case, which alleged Spot Runner’s founders engaged in a “pump and dump” scheme that cheated WPP out of millions of dollars. WPP invested $10 million in Spot Runner in 2006.
The judge, Percy Anderson, ruled that WPP misinterpreted a response from Spot Runner general counsel Peter Huie to its query whether Spot Runner executives and existing investors were selling shares in a follow-on offering.
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