Facebook Shakes 4 Derivative Suits Over IPO

Law360, New York (February 13, 2013, 7:53 PM EST) -- Facebook Inc. scored a win Wednesday in the sprawling multidistrict litigation over its $16 billion initial public offering when a New York federal judge tossed four derivative suits accusing the social network of leaking certain nonpublic information to lead underwriters including Goldman Sachs & Co.

U.S. District Judge Robert Sweet found that the derivative plaintiffs did not have standing to bring their claims because they relate to conduct that allegedly took place before investors bought their shares on the day of the May IPO.

The shareholders...
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