雅虎香港財經 UBS Defeats Spoofing Suit by Trump 2020 Campaign App Maker
(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.
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Phunware 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.
The company didn’t immediately respond to a request for comment.
In 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.
Though 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.
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.
Shares 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.
The case is Phunware Inc. v. UBS AG, 23-cv-6426, US District Court, Southern District of New York (Manhattan).
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