Weil Gotshal & Manges’ London office has taken the unprecedented step of complaining to City watchdog the Financial Services Authority (FSA) over comments made by two fund managers on the Premier Foods flotation.
According to The Sunday Times, Weil Gotshal called on the FSA to launch an “immediate investigation” after Schroders’ Andy Brough and Tim Steer from New Star Asset Management wrote about the float in a regular column in the paper.
The law firm is alleging that the two fund managers breached confidentiality rules related to listing particulars that are circulated prior to a company joining the stock market.
Premier, the food group owned by long-time Weil Gotshal client Hicks Muse Tate & Furst, last week reduced the price range on the float. The Sunday Time wrote that it will defend “the rights of its columnists to write about new companies coming to the market”.
Weil Gotshal was unavailable for comment.