Facebook Loses Bid To Stay Calif. IPO Class Actions

Law360, New York (August 24, 2012, 3:31 PM EDT) -- A California federal judge on Thursday declined to stay eight putative class action suits accusing Facebook Inc. and its underwriters of favoring big player clients in the run-up to its disastrous May initial public offering. 

Facebook had sought to stay the suits pending while a multidistrict litigation panel decides whether to transfer the actions to New York federal court. The cases accuse the social media giant and its underwriters of failing to inform the public that the company had cut earnings forecast ahead of the IPO....
To view the full article, register now.