Most Parties In Facebook IPO Suits Want Cases Merged In NY

Law360, New York (September 20, 2012, 3:29 PM EDT) -- Facebook Inc., the underwriters of its dismal $16 billion initial public offering and most of the plaintiffs suing over the botched stock sale urged a federal judicial panel on Thursday to consolidate the numerous lawsuits stemming from the sale in federal court in Manhattan.

At a hearing before the Joint Panel on Multidistrict Litigation held in New York federal court, counsel for Facebook, the underwriters of the social networking site's IPO, the Nasdaq OMX Group Inc. and most plaintiffs said that having cases filed in both...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.