Diligence overdue

underwriter liability

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Bankrupt telecommunications titan WorldCom once gave the illusion of the classic American success story. In 1983, a group of investors met in a Hattiesburg, Mississippi diner and reportedly sketched out the WorldCom business plan on a napkin—by 1999, the company was valued at $180 billion. Just three years later, investors who had bought into WorldCom’s success story watched it unravel in the largest corporate bankruptcy in financial history. When it filed for Chapter 11 bankruptcy protection

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