Monday, April 20, 2009
SpotRunner Sued By Investor
Los Angeles-based SpotRunner, a venture-backed firm which helps businesses place television advertising, is the target of a lawsuit from investor WPP, according to a report from AdAge. According to the report and copies of the lawsuit posted to the Internet, WPP alleges that Spot Runner is in a breach of a legal agreement with WPP, and used the firm as part of a "pump and dump" scheme to find new investors. Investors Battery Ventures and Index Ventures are also named in the suit, along with Spot Runner's founders and a number of board members.