When Admen Play Venture Capitalists
NEW YORK In its 24-page legal complaint filed this month, WPP paints Spot Runner and its founders in a very unflattering light. The suit accuses them of luring WPP into a “pump and dump” investment scheme that enriched the founders and a few select insiders at WPP’s expense.
The lawsuit, which seeks $13 million in damages, is an ugly turn to a relationship that was a cornerstone of WPP’s aggressive effort to reshape its business by dabbling in venture capital deals.
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