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Three years ago, at a news conference at Tavern on the Green restaurant that featured a free-flowing bar, former President Bill Clinton helped introduce a new Internet search engine, Accoona, which was said to be powered by innovative artificial intelligence technology.
On Monday, Maxim Group, the underwriter, pulled out of the offering, though it did not cite any specific reason for its change of heart. “After completing our due diligence review, we have chosen to disassociate ourselves with the company,” said Edward L. Rose, the firm’s vice chairman and general counsel.
Misgivings Spoil Plans of Start-Up [nytimes.com]
Ooops..someone didn't do their DD before signing up for the deal.