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A year after its IPO, Facebook looks to regain its luster and …
Facebook seeks to consolidate post-IPO lawsuits
NEW YORK, NY - MAY 18: The Nasdaq board in Times Square advertises Facebook which is set to debut on the Nasdaq Stock Market today on May 18, 2012 in New York, United States. (Photo by Spencer Platt/Getty Images)
Copyright Getty Images
Posted: 06/15/2012
NEW YORK - 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, Facebook 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 lawsuits 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.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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