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Facebook gets sued by shareholders

Published: May 23, 2012
By: Scott Mikules

Facebook is being sued by shareholders that claim it hid details about its weak growth forecast. (Enron anyone? anyone?)

The firm has just completed its $16bn initial public offering (IPO) but has not enjoyed the experience. Not only was the IPO launch apparently bungled by the NASDAQ stock exchange and maybe its underwriters, but the share price has subsequently fallen. This latest news, that it is being sued, is capping off a mixed week for the firm.

Reuters reports that the lawsuit was filed in Manhattan and it cites one of the lawyers working for the plaintiffs. We have asked Facebook for more information.

The report says that the complaint alleges that Facebook hid details about its prospects as it was preparing for its ill-fated IPO. It and Morgan Stanley are being sued for their efforts.

“The value of Facebook common stock has declined substantially and plaintiffs and the class have sustained damages as a result,” says the complaint, which also mentions a “severe and pronounced reduction” in Facebook’s stock value.

The plaintiffs have alleged that researchers had lowered their forecasts for Facebook’s performance, but that this was “selectively disclosed by defendants to certain preferred investors” rather than to the public generally.

Another case that Reuters has details about was filed in California the day before. Facebook shares have fallen by around 18 per cent since they launched earlier this week.

via The Inquirer