Class Action Filed Over Virgin's IPO

Law360, New York (November 27, 2007, 12:00 AM EST) -- A putative class of buyers into Virgin Mobile USA's Oct. 12 initial public offering has asked a court to rescind the IPO, saying the wireless company misstated its status, making for a stock that now trades at one-half of its initial value.

The complaint, filed Monday in the U.S. District Court for the Southern District of New York, accuses Virgin Mobile and its chief executive officer and chief financial officer of violating U.S. securities laws with their alleged misstatements and omissions of material facts.

It also...
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