Summary:

Web-based TV ad agency Spot Runner has tried to reassure staffers over the weekend with a memo that could offer a clue as to how it plans to…

Web-based TV ad agency Spot Runner has tried to reassure staffers over the weekend with a memo that could offer a clue as to how it plans to fight WPP Group’s $13 million lawsuit accusing the company of securities fraud and breach of contract. WPP, which holds a three percent stake in the company, says it’s suing because it was not informed of the sale of Spot Runner shares between February 2006 and March 2008.

Sir Martin Sorrell’s advertising company, which initially bought $10 million worth of shares in Spot Runner as part of its third round back in August 2006, says that if it had known about the earlier share sale, it would never have made an investment. WPP specifically accuses Spot Runner CEO Nick Grouf, co-founder David Waxman and general counsel Peter Huie; as well as investors Bob Pittman, Index Ventures

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