UBS Must Fight Trump 2020 Campaign App Maker’s Spoofing Lawsuit

UBS AG’s broker-dealer division must defend against allegations levied by the company that built President Donald Trump’s 2020 campaign app about manipulating its stock price through placing and quickly canceling false orders.

Phunware Inc. adequately alleged that UBS Securities LLC engaged in a “spoofing scheme” to alter its share prices in certain incidences, Judge Dale E. Ho said.

The Austin-based company separately failed to assert a long-term stock price decline was spurred by UBS’s actions, the US District Court for the Southern District of New York judge said. Those allegations were “too conclusory,” even as the software company ...