Color-Web Launches Lawsuit Against Bank

“It is important to note that, in my estimation, the decision to pull back the financing in question was not related to the business performance of Color-Web,” explained David Moyal, president of Color-Web.

Because the strategic business changes that it made were not quickly reversible, Color-Web believes it experienced material loss as a result of the bank’s decision to pull the financing. Color-Web has had to lay off nearly 100 workers in the New York Metro area since the funding was pulled. The company is currently exploring closure.