Developer C3.ai Sued by Stockholder For Alleged False Statements

Artificial intelligence developer C3.ai Inc., whose customers include the US Department of Defense, Raytheon Technologies, and the New York Power Authority, was sued by a shareholder alleging the company misled its investors when going public.

In his derivative action, shareholder Giuseppe Rabasca claims the software company’s board misrepresented their sales force capacity ahead of an initial public offering on Dec. 9, 2020. Among the named defendants are company founder Thomas Siebel and former US Secretary of State Condoleezza Rice.

C3.ai wasn’t profitable at the time of its IPO, according to the complaint, and the company’s registration statement with the Securities ...