SEC Completed Facebook IPO Inquiry in May; No Enforcement Action Recommended
The Securities and Exchange Commission notified Facebook in May that its inquiry into the company’s initial public offering was complete, and no enforcement action would be taken, the social network reported last week in its Form 10-Q filing with the SEC.
The Securities and Exchange Commission notified Facebook in May that its inquiry into the company’s initial public offering was complete, and no enforcement action would be taken, the social network reported last week in its Form 10-Q filing with the SEC.
Facebook wrote in its Form 10-Q:
Beginning May 22, 2012, multiple putative class actions, derivative actions and individual actions were filed in state and federal courts in the U.S. and in other jurisdictions against us, our directors and/or certain of our officers alleging violation of securities laws or breach of fiduciary duties in connection with our initial public offering and seeking unspecified damages.
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