Judge dismisses 4 IPO-related lawsuits against Facebook
A U.S. district judge today dismissed four cases brought against Facebook by shareholders claiming the company failed to disclose material information ahead of its initial public offering in May 2012, according to Reuters.
U.S. District Judge Robert Sweet in Manhattan said the investors did not have grounds to sue because they were not Facebook shareholders at the time the alleged wrongdoing occurred. However, a number of other claims are still being brought against the social network, and the plaintiffs could file new “derivative” versions of their cases within 20 days.
Plaintiffs
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