Spyglass has been slapped with a class action lawsuit by its shareholders, who allege the browser company misrepresentated some major contracts.
According to shareholders, the firm falsely claimed it had finalised certain contracts, which formed the basis of first quarter profit forecasts.
The complainants also accused Spyglass of being "reckless in making these false assurances and caused the price of its common stock to be artificially inflated by misleading investors."
The suit was filed in the northern district of Illinois by New York lawyers Pomerantz Haudek Block Grossman & Gross.
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