Facebook seeks to consolidate post-IPO lawsuits

June 15, 2012

(AP) — Facebook is seeking to consolidate the more than 40 lawsuits it faces following its rocky initial public offering of stock last month.

In a filing with a judicial panel on Friday, and the banks overseeing its IPO also outlined their case against the lawsuits, which they hope to consolidate in New York. They seek to put part of the blame on the Nasdaq.

Many of the lawsuits center on Facebook's May 9 disclosure that the number of mobile users it has is growing faster than revenue. The claim that analysts at the big underwriters then lowered their forecasts and disclosed this with only a handful of clients.

Facebook and the banks say they did nothing illegal or even out of the ordinary.

Explore further: Morgan Stanley may refund some Facebook investors

0 shares

Related Stories

Morgan Stanley may refund some Facebook investors

May 24, 2012

(AP) -- Morgan Stanley, the lead investment bank in Facebook's troubled initial public offering, will compensate retail investors who overpaid when they bought Facebook's stock in Friday's IPO, according to a source familiar ...

SEC questioned Facebook about Zynga, mobile

June 15, 2012

(AP) — As Facebook's much-anticipated public stock offering approached, federal regulators wanted to know more about the revenue it gets from mobile devices, its $1 billion deal to buy Instagram and the control CEO Mark ...

Lawsuits pile up over Facebook flotation

May 23, 2012

Facebook and its underwriters came under broad legal attack Wednesday as lawyers and investors filed lawsuits over Facebook's controversy-marred initial public offering.

Recommended for you

Google Assistant adds more languages in global push

February 23, 2018

Google said Friday its digital assistant software would be available in more than 30 languages by the end of the years as it steps up its artificial intelligence efforts against Amazon and others.

Researchers find tweeting in cities lower than expected

February 20, 2018

Studying data from Twitter, University of Illinois researchers found that less people tweet per capita from larger cities than in smaller ones, indicating an unexpected trend that has implications in understanding urban pace ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.