Public Event Detail
Investors sue Goldman, Morgan Stanley and 11 banks over Via IPO
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Event summary
A class action lawsuit has been filed against Goldman Sachs, Morgan Stanley, and 11 other banks involved in the Via Transportation IPO. The lawsuit, filed by investor Stephan Garlesky, alleges that the offering documents failed to disclose critical information about Via's declining revenue per customer and regulatory roadblocks in Germany, leading to a nearly 70% drop in the stock's value. The claim is based on strict liability and negligence under the Securities Act of 1933, arguing that the underwriters did not perform adequate due diligence.