Bloomberg reported that Siemens First Capital Commercial Finance was sued in New York state court for breach of contract over the cancellation of an initial public offering for a security-alarm service business.

The suit accuses Siemens First Capital of “intentionally destroying” three related companies that were planning an initial public offering, Bloomberg said.

Siemens First Capital Commercial Finance is a joint venture between the U.S. financial services unit of Siemens AG and First Capital.

To read the full Bloomberg article click here.