Facebook Fires Back At Investor Suit Over IPO

Law360, Los Angeles (May 1, 2013, 4:31 PM EDT) -- Facebook Inc. urged a New York federal court on Wednesday to dismiss a securities class action — part of sprawling multidistrict litigation over the company's $16 billion initial public offering — because federal securities laws didn't require Facebook to publicly disclose its internal revenue projections.

Prior to the May 2012 IPO, Facebook told analysts for underwriters including Goldman Sachs & Co. that increased usage of mobile devices — through which the company isn't able to collect as much advertising revenue — might negatively impact future revenue growth,...
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