FB: Facebook, Zuckerberg, others to face lawsuit over IPO

Facebook, Zuckerberg, others to face lawsuit over IPO • 5:13 AM

• District Judge Robert Sweet has ruled that Facebook (FB), CEO Mark Zuckerberg, COO Sheryl Sandberg and dozens of banks should face investor lawsuits that accuse the social-media site of concealing revenue warnings from its IPO registration statement prior to its listing in May 2012. It was information that Facebook gave to its underwriters' analysts.
• "The company's purported risk warnings misleadingly represented that this revenue cut was merely possible when, in fact, it had already materialized," Sweet wrote.
• The banks involved include Morgan Stanley (MS), Goldman Sachs (GS) and JPMorgan (JPM).
• Sweet has also ruled that Nasdaq (NDAQ) should face lawsuits over the technical problems that plagued the IPO.

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