Thursday, July 16, 2009
Spot Runner Looks To Dismiss WPP Suit
Los Angeles-based Spot Runner, which operates an online service to help businesses place television advertising, has filed to dismiss a lawsuit filed against the firm by one of its investors, WPP. In a legal filing, Spot Runner said that among other things, WPP was unable to point to a decline in Spot Runner's stock price, that WPP sold almost 40% of its common shares of stock at a profit, and that securities laws were not made to ensure that companies like WPP did not lose money in their investments. WPP had alleged that Spot Runner breached legal agreements with the firm, and used it as a part of a "pump and dump" scheme to find new investors. The latest motion was posted by Paidcontent.org.