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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?
