Etsy and Kristina Salen

Etsy business financial: Etsy went public in April and its value rapidly climbed to more than $3 billion . The share price has fallen amid fears of brands increasingly cracking down on the sales of infringing merchandise, cutting into the site fees and commission, investors alleged, according to The Toronto Star. Investors acquired Etsy securities in ignorance of the adverse facts concerning Etsy business and financial condition which were concealed by defendants, shareholders said in the complaint filed in Brooklyn federal court last week against the company, chief executive officer Chad Dickerson and chief financial officer Kristina Salen. Investors filed a proposed class action against the Brooklyn, N.Y.-based company and its executives after an analyst said last week that more than 5 per cent of about 40 million listings may be counterfeit or otherwise infringe well-known brands. The executives were were personally motivated to make false statements or omissions in order to personally benefit from the sale of Etsy securities from their personal portfolios, investors alleged. Etsy website is a platform for sellers of items such as handmade clothing, jewelry and collectibles, some of which sport likenesses of popular logos and characters. Sara Cohen, a spokeswoman for Etsy, declined to comment on the lawsuit. (news.financializer.com). As reported in the news.