Facebook To Object To Nasdaq's $31M IPO Suit Settlement

Law360, New York (June 8, 2015, 3:31 PM EDT) -- Facebook Inc. and other defendants named in the securities class action over the social network's botched $16 billion initial public offering told a New York federal judge on Friday they would object to some of the terms in the $31 million proposed partial settlement of the case.

Facebook's $16 billion IPO was troubled by technical glitches. (Credit: AP) The "nonsettling defendants," which include the company itself, its executives and a slew of banks involved with the float, entered a response to a motion for the settlement's preliminary approval, saying the settlement unfairly limits their rights and that they would submit their...

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