Facebook, Underwriters, Stock Exchange Hit With Class Actions After IPO

Facebook, Underwriters, Stock Exchange Hit With Class Actions After IPO

Two putative class action complaints were filed May 22 in response to Facebook's initial public offering: a suit in a California state court against the company, its officers and underwriters, including Morgan Stanley, alleging that underwriters tipped off clients that they cut earnings projections ahead of the IPO, and a suit in New York federal court against Nasdaq, accusing the stock exchange of mishandling orders for Facebook shares and causing investor loss. Subscribers may view additional details available within the full update.   A complimentary copy of the complaint is attahed below.

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