As allegations of massive fraud at Canopy Financial surfaced last week, the startup’s outside counsel at Wilson Sonsini Goodrich & Rosati moved quickly — to scrub its Web site of any mention of the company.
Canopy Financial, a San Francisco high-flyer that raised $85 million from venture capitalists, ran into trouble recently when an investor audit turned up improprieties, according to a report from Private Equity Hub. The Silicon Valley blog TechCrunch first alleged that Canopy, whose technology helps streamline the administration of Health Savings Accounts, had been “making up” financial statements.
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