World Online faces legal action

Private investors litigate against World Online's flotation

Private investors are to take Dutch ISP World Online to court following allegations that the flotation infringed Dutch securities rules it is reported Monday.

Dutch lawyer Bob van de Goen -- acting on behalf of the 1,000 private investors -- will also allege that World Online founder and ex-chairwoman Nina Brink illicitly sold 15m shares in the company and will question whether the prospectus should have included information about World Online's involvement with three companies which have since collapsed.

Shares in World Online opened on the Amsterdam stock market at 43 Euros on March 13, but fell to just 16 Euros within five days. It is thought that investment bank ABN Amro, which was involved with the flotation will also be named in the action.

World Online and ABN Amro were unavailable for comment

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