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Shares bought under false pretense

  • 11-07-2019 11:31pm
    #1
    Dual wheels
    Registered Users, Registered Users 2 Posts: 738 ✭✭✭


    If you bought shares in a start up providing seed capital as an investor but you find out at a later date that you were given false information on the identity of the founder of the company (real founder has adverse media against their name) and the company now admit to this, you also find out that they held back pertinent information whilst selling the shares meaning proper due diligence could not be carried out due to said falsified information, what is the legal position regarding requesting a refund of the share price paid?


Comments

  • #2
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,806 ✭✭✭GerardKeating


    Dual wheels wrote: »
    what is the legal position regarding requesting a refund of the share price paid?

    Unless there is a criminal issue involved, consider the following
    • Can you prove you were knowning given false infomation.
    • Do you have money to take a legal case against them
    • If you win, will there be any money for you to recover


  • #3
    ohnonotgmail
    Registered Users, Registered Users 2 Posts: 40,638 ✭✭✭✭ohnonotgmail


    Dual wheels wrote: »
    If you bought shares in a start up providing seed capital as an investor but you find out at a later date that you were given false information on the identity of the founder of the company (real founder has adverse media against their name) and the company now admit to this, you also find out that they held back pertinent information whilst selling the shares meaning proper due diligence could not be carried out due to said falsified information, what is the legal position regarding requesting a refund of the share price paid?

    what loss have you actually suffered? any claim can only be for that loss. Unless the shares are now completely worthless i cant see how you could get a refund.


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