Kapatens is funding a 99 MSEK (9.6M USD) claim by well-known senior Swedish businessman Lage Jonason and his personal company against Mangold, a Swedish investment bank and securities broker.
The claim relates to an allegedly wrongful and grossly negligent forced sale of shares that were pledged as security by Mr. Jonason. The shares represented a significant amount of all outstanding shares in one certain company. During a few number of days, Mangold is claimed to have sold all pledged shares directly in the market (no private placement or book-building). Nearly all the shares were sold during one day; an alleged oversupply of shares which nearly erased all value in the shares.
Following the allegedly forced sale, the share price dropped by 86 percent, from SEK 2.73 to 0.24. As a result of the extreme decline in the share price, shares previously worth approximately 150,000,000 SEK were sold for approximately 20,000,000. A month prior to the allegedly forced sale, Mangold had in a market report itself valued the company at 5 SEK per share, and at the same day as the allegedly forced sale began, a number of the largest institutional investors in Sweden had participated in a new share issue at 2.75 SEK per share.
Mr. Jonason and his company are represented by lead counsel Marcus Johansson at litigation boutique firm Nybron Advokater.