The World: New York - Spot Runner faces $13m WPP legal complaint

WPP has filed a $13 million legal complaint against Spot Runner, the web-based TV creative ad agency, for alleged securities fraud and breach of contract.

WPP is accusing Spot Runner of failing to disclose a stock sale to other shareholders, and is said to be angry that the company was boasting about WPP's stake in a bid to attract buyers.

The complaint, which was filed in early April, accused Spot Runner of perpetuating a "pump and dump" scheme, in which it aggressively promoted the company to new investors before selling them large quantities of their own secondary shares at ever-increasing valuations.