BOSTON--(BUSINESS WIRE)--The Facebook IPO is now the subject of a Securities Fraud Lawsuit filed in the United States District Court in New York. The complaint alleges that certain Facebook IPO documents contained untrue statements of material facts and omitted other facts necessary to make such statements not misleading. The complaint further alleges that certain Facebook IPO documents were not prepared in accordance with Federal rules and regulations governing their preparation, violating Federal Securities Laws.
If you purchased or otherwise acquired shares of Facebook common stock (FB) pursuant or traceable to the Facebook IPO on or around May 18, 2012, you are encouraged to contact our Securities Fraud Attorneys to discuss your rights to recovery. Facebook Investors may inquire about the Facebook IPO Lawsuit as follows:
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Deadline: |
July 22, 2012 |
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Contact: |
Kenneth Gilman, Gilman Law LLP |
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Telephone: |
(888) 252-0048 | ||||||
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Current shareholders of Facebook common stock and current or former employees of Facebook, Inc. may have additional claims.
Facebook IPO Lawsuit Details
On or around May 16, 2012, Facebook filed with the Securities and Exchange Commission (SEC) certain offering documents for the Facebook IPO. Subsequently, 421 million shares of Facebook common stock were sold to Facebook Investors at $38 per share. The complaint alleges that at the time of the Facebook IPO, Facebook was experiencing a severe and pronounced reduction in revenue growth due to an increase of users of its Facebook app or Facebook website through mobile devices rather than traditional PCs. The complaint also alleges that Facebook was aware of this reduction in revenue, but did not disclose the information with all Facebook investors, but instead with selectively preferred investors.
About Our Securities Fraud and Financial Fraud Law Firm
The experienced investment losses and securities fraud attorneys of Gilman Law LLP have over 33 years of experience in securities law and have been involved in all major aspects of securities litigation. Our securities lawyers focus on cases involving stock manipulation, securities fraud, investments fraud, shareholder rights violations, and securities arbitration.
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