Flurry Of Facebook IPO Suits May Stand On Shaky Ground

Law360, New York (May 23, 2012, 10:18 PM EDT) -- Plaintiffs attorneys pounced when news broke of shady dealings surrounding Facebook Inc.'s now-disastrous initial public offering, but with their complaints short on hard facts and long on news reports, experts say Facebook may yet wriggle out of the hot seat.

So far, plaintiffs attorneys have lodged at least three shareholder class actions in California and New York against Facebook and its three leading underwriters, Morgan Stanley, JPMorgan Chase & Co. and Goldman Sachs Group Inc., alleging they misled investors ahead of Friday's IPO.

"That may have...
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