UBS Defeats Spoofing Suit by Trump 2020 Campaign App Maker

Bloomberg04-05

(Bloomberg) -- UBS AG won dismissal of a lawsuit by the software company that built former President Donald Trump’s 2020 campaign app accusing the bank of manipulating its shares by placing so-called ...

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S&P 500 Falls 1% as Oil Jump Spurs Flight to Bonds: Markets Wrap. Apple Explores Home Robotics as Potential ‘Next Big Thing’ After Car Fizzles. Biden Tells Netanyahu US Support Hinges on Protecting Civilians. Kim Jong Un Faces Annihilation in MostKorea War Scenarios. Phunware, which went public in 2018, is best known for building an app for Trump’s 2020 campaign used to communicate with his supporters. It’s unclear if the same app is also being used on the 2024 campaign, though the company was part of a rally of Trump-linked shares at the beginning of the year.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"PHUN":"Phunware, Inc.","UBS":"瑞银","BK4588":"碎股","BK4559":"巴菲特持仓","BK4504":"桥水持仓","BK4516":"特朗普概念","BK4023":"应用软件","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","BK4207":"综合性银行","USB":"美国合众银行","BK4585":"ETF&股票定投概念"},"translate_title":"瑞银击败特朗普2020竞选应用程序制造商的欺骗诉讼","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"USB":1,"PHUN":0.9,"UBS":0.9},"content_text":"(Bloomberg) -- UBS AG won dismissal of a lawsuit by the software company that built former President Donald Trump’s 2020 campaign app accusing the bank of manipulating its shares by placing so-called spoof trades.\nMost Read from Bloomberg\n\nTexas Toll Road Takeover to Cost Taxpayers at Least $1.7 Billion\nS&P 500 Falls 1% as Oil Jump Spurs Flight to Bonds: Markets Wrap\nApple Explores Home Robotics as Potential ‘Next Big Thing’ After Car Fizzles\nBiden Tells Netanyahu US Support Hinges on Protecting Civilians\nKim Jong Un Faces Annihilation in Most Korea War Scenarios\n\nPhunware Inc.’s suit was thrown out Thursday by US District Judge Dale E. Ho in Manhattan. He said the Austin-based company had adequately alleged that UBS intentionally manipulated its stock, but that it hadn’t met its burden for claiming it lost money due to the bank’s conduct. \nThe company didn’t immediately respond to a request for comment.\nIn its lawsuit, Phunware said UBS placed “baiting orders” in October 2021 that were never intended to be executed and had “no legitimate economic purpose” other than to create a “false illusion of market interest.” UBS quickly canceled those sell orders and executed buy orders once prices fell, the software company said.\nThough Phunware claimed that it lost money on share sales due to the alleged spoofing, Ho said that the company’s lawsuit didn’t adequately chart its losses. He said it could refile its suit to address the inadequacy.\nPhunware, which went public in 2018, is best known for building an app for Trump’s 2020 campaign used to communicate with his supporters. It’s unclear if the same app is also being used on the 2024 campaign, though the company was part of a rally of Trump-linked shares at the beginning of the year. \nShares in Phunware soared to a year-to-date high of $21.50 on Jan. 23, though they have since fallen to around $8 in Thursday afternoon trading.\nThe case is Phunware Inc. v. UBS AG, 23-cv-6426, US District Court, Southern District of New York (Manhattan).\nMost Read from Bloomberg Businessweek\n\nHow Hertz’s Bet on Teslas Went Horribly Sideways\nElon Musk’s X Has a Porn Problem\nHow Bluey Became a $2 Billion Smash Hit—With an Uncertain Future\nFixing Boeing’s Broken Culture Starts With a New Plane\nTiger Woods’ Putter Choice Has Created an Asset Class\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2425530801"}