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Stake in Hot IPO Forces IAI to Close Fund
Investment Advisers has closed its (IASKX Quote)IAI Growth & Income fund to new investors while it fights a lawsuit over the way it handled shares of a hot Internet IPO.
The $29 million fund closed on Feb. 17 to "prevent speculation on the pending IPO," according to a company spokeswoman. The action was disclosed in a March 7 filing with the Securities and Exchange Commission.
The IPO, or initial public offering, in question is MatrixOne (MONE Quote), a provider of Internet business software that went public on March 1 at 25 and closed Wednesday at 69. ...
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