In 1998, American Bank Note spun off part of its business in an IPO. Investors were excited; American Bank Note had been making products to prevent counterfeiting since the 18th century. This was a chance to invest in a company with a long tradition, and that made products which prevented fraud.
But just 6 months after the IPO, the company said it needed to restate its financials. A company that had been created to prevent fraud had lied about its revenue. The stock price dropped 80% in just two days, and investors lost millions.
The company’s executives were put on trial and convicted, but then…nothing happened…for an entire decade. Would these con artists ever face justice?