"Each defendant made misstatements or omissions of material facts regarding the sale of securities to the public" by failing to disclose IPO allocations from Salomon Smith Barney, the suit alleged. The executives unjustly enriched themselves and engaged in "repeated and persistent" fraudulent activity, it said.
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Wed, Oct 02, 2002 - Page 12 News List
Executives sued over their IPO profits
US SCANDALS A civil suit seeks to recover US$28 million that executives allegedly earned from selling IPO shares and US$1.5 billion from sales of stock in their own firms
BLOOMBERG , NEW YORK
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