Nasdaq Can Be Sued Over Facebook IPO, Investors Say

Law360, New York (October 3, 2013, 7:01 PM EDT) -- Investors who sued Nasdaq OMX Group Inc. over problems with Facebook Inc.'s initial public offering urged a New York federal judge Thursday to let their proposed class action go forward, arguing that the company is not immune from suit.

The for-profit exchange cannot use a law meant to allow exchanges to police themselves to duck a lawsuit over system glitches, a lawyer for investors told U.S. District Judge Robert W. Sweet at a hearing in Manhattan.

“The facts here are not covered by any previous immunity...
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