The downfall was due to the news that the founder and chairperson of WOL Nina Brink had sold her shares for 6 dollar a share (roughly 5 euro at that time). Despite the knowledge of the launching banks this fact was not clearly mentioned in the portfolio by the banks Goldman Sachs and ABN AMRO. Some 150.000 buyers of shares lost 3 billion euro, according to the Dutch Investors Association.
Half a year after the IPO WOL was acquired by the Italian provider Tiscali for a meagre 5,9 billion euro, while the company was worth 12 billion on the day of the introduction.
In 2010 a settlement of 11 million euro was reached for the 12.000 investors who started a class action led by the Dutch Inventors Association. Another 5.000 investors were represented by the Consumer Claim.