Facebook Can't Shed Investor Suit Over IPO

Law360, Los Angeles (December 18, 2013, 4:02 PM EST) -- Facebook Inc., its CEO Mark Zuckerberg and underwriters of the company's $16 billion initial public offering must face a class action by investors who claim they suffered losses because the company misled the public about its financial prospects in the runup to the IPO, a New York federal judge has ruled.

In a Dec. 12 decision made public Wednesday, U.S. District Judge Robert Sweet denied Facebook's motion to dismiss the suit, saying investors have pled sufficient facts to support their contention that the social media giant...
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