Texas U.S. District Court Dismisses IPO-Related Lawsuit Vs. Facebook

One of the many court cases involving Facebook’s troubled initial public offering was dismissed Wednesday, as a U.S. District Court in Texas ruled that sufficient grounds were not presented to file a lawsuit.

One of the many court cases involving Facebook’s troubled initial public offering was dismissed Wednesday, as a U.S. District Court in Texas ruled that sufficient grounds were not presented to file a lawsuit.

TechCrunch reported that U.S. District Judge for Western Texas Lee Yeakel ruled that a petition filed by Bogdan Rentea & Associates did not meet the requirements of rule 27, which covers requests for depositions from defendants and document discovery.

The petition was based on news stories about the IPO, and TechCrunch reported that it sought to bring in for questioning Facebook Co-Founder and Chief Executive Officer Mark Zuckerberg, Chief Financial Officer David Ebersman, Chief Accounting Officer David Spillane, and representatives from underwriters Morgan Stanley, J.P.

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