Facebook, Banks Urge Judge To Dismiss IPO-Related Lawsuit
Facebook and its co-defendants -- banks including Morgan Stanley, the lead underwriter of its initial public offering -- are seeking dismissal of a lawsuit on the grounds that the social network had no obligation to publicly disclose internal projections on how increased mobile usage and product decisions might affect future revenue.
Facebook and its co-defendants — banks including Morgan Stanley, the lead underwriter of its initial public offering — are seeking dismissal of a lawsuit on the grounds that the social network had no obligation to publicly disclose internal projections on how increased mobile usage and product decisions might affect future revenue.
According to Reuters, the suit accused Facebook and the banks of misleading investors about the company’s financial condition in the days prior to its IPO last May 18.
Reuters
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