Daily News: March 23, 2012

Siemens First Capital Sued Over IPO Cancellation

Bloomberg reported that Siemens First Capital Commercial Finance was sued in New York state court for breach of contract over the cancellation of an initial public offering for a security-alarm service business.

The suit accuses Siemens First Capital of “intentionally destroying” three related companies that were planning an initial public offering, Bloomberg said.

Siemens First Capital Commercial Finance is a joint venture between the U.S. financial services unit of Siemens AG and First Capital.

To read the full text of the Bloomberg article, click here.