OW Bunkers Investors in Legal Action Against IPO Banks
A group of 24 Danish institutional investors in OW Bunker (OW2.SG) has decided to issue a writ against Carnegie and Morgan Stanley (MS), accusing them of misleading investors ahead of the 2014 listing of the now bankrupt marine fuel oil supplier.
The investors, which include two of the largest pension funds in Denmark, ATP and PFA, claim they have suffered a loss of 767 million crowns ($123 million) following investment in OW Bunker shares "on the basis of a prospectus which was insufficient in material aspects".
Morgan Stanley declined to comment, while Carnegie said it did not know the details of the alleged claim.
Reporting by Stine Jacobsen
