The Dutch Supreme Court has confirmed that one of the earliest internet providers in the Netherlands, World Online, misled investors in 2000. The provider, founded as early as 1995 by entrepreneur Nina Brink, was floated in 2000. Its total value at the time was 12 billion euros. The company was taken over by Tiscali later in 2000.

Shares plummeted soon after the launch when it became known that board chairperson Nina Brink had sold part of her shares just before the flotation. This sale had not been reported to shareholders, which was misleading, according to the Supreme Council verdict. Two banks, ABN Amro and Goldman Sachs, were found to have colluded in misleading investors. They failed to correct the overrating of the World Online shares. ABN Amro even purchased shares to drive up the value, which the court says was a transgression.

The Supreme Court verdict enables victims of the World Online collapse to claim damages in court. The independent association of shareholders estimates that investors lost 2.3 billion euros over the flotation of World Online.

Nina Brink (Photo: VPRO)