Advanced Equities owns 28.2% of Force10's shares but has decided against advising on the portfolio company's flotation.
Advanced Equities, an investment and advisory boutique which is the largest shareholder in Force10 Networks and helped the networking equipment maker raise several rounds of venture capital, has been removed as an underwriter for the portfolio company’s planned $100m flotation.
Force10 said Advanced Equities would be defined under Financial Industry Regulatory Authority regulations as having a conflict of interest. Investment banks JP Morgan and Deutsche Bank remain the lead underwriters for the New York Stock Exchange initial public offering.
Advanced…
