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The Register: Lawsuit alleges dodgy deals in Red Hat IPO

Apr 04, 2001, 13:41 (7 Talkback[s])
(Other stories by John Leyden)

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"Red Hat has been accused of violation of federal securities laws in a class-action lawsuit that alleges investors were misled about aspects of its initial public offering."

"The suit, filed in US District Court, Southern District of New York yesterday, charges the Linux distributor, its senior executives and securities houses of granting preferential share allocations during Red Hat's August 1999 IPO."

"These privileges were obtained, it is alleged, in exchange for "excessive commissions in transactions on other securities."

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