The vast majority of shares purchased at IPOs are by institutional investors writing very large checks, not retail investors. Retail investors shying away had

The vast majority of shares purchased at IPOs are by institutional investors writing very large checks, not retail investors. Retail investors shying away had nothing to do with the IPO getting pulled. And even if this wasn't the case it's still not fraud: if retail investors have all the data (which they did) but still want to buy something, it's not deception.