 | ||
|
| Home Annual/Quarterly Updates About Us
|
Facebook, Inc. Summary: According to the law firm press release, the complaint charges Facebook and certain of its officers and directors with violations of the Securities Act of 1933 (“Securities Act”).
On or about May 16, 2012, Facebook filed with the SEC a Form S-1/A Registration Statement (the “Registration Statement”) for the IPO. On or about May 18, 2012, the Prospectus (the “Prospectus”), which forms part of the Registration Statement, became effective and defendants sold 421 million shares of Facebook common stock to the public at $38 per share, for total proceeds of more than $16 billion.
The complaint alleges that the Registration Statement and Prospectus issued in connection with the IPO were false and misleading in violation of the Securities Act. The complaint asserts that defendants failed to disclose that because Facebook was experiencing a pronounced reduction in revenue growth due to an increase of users of its Facebook app or website through mobile devices rather than traditional PCs, at the time of the IPO the Company had told the lead underwriters to reduce their 2012 performance estimates for Facebook. These revisions were material information which was not shared with all investors, but rather, was selectively disclosed by defendants to certain preferred investors and omitted from the Registration Statement and/or Prospectus.
On October 4, 2012, the United States Judicial Panel on Multidistrict Litigation issued a Transfer Order transferring this action and all related cases to the Southern District of New York.
On December 6, 2012, an opinion and order was issued by the court appointed the Institutional Investor Group as lead plaintiff of the Securities Actions and its choice of co lead counsel was approved. The NASDAQ Claimant Group was appointed the lead plaintiff of the NASDAQ Actions and its choice of lead counsel is approved. The NASDAQ Negligence Parties will act as co lead plaintiff of the NASDAQ Actions and its choice of co-lead counsel is approved on a interim basis.
On February 13, 2013, the Court issued an Order granting in part the Facebook Defendants' motion to dismiss on the grounds of standing and ripeness. As a result, the Derivative Plaintiffs' motions to remand were denied as moot. Plaintiffs were given leave to replead within twenty days.
On February 28, 2013, Lead Plaintiffs filed a consolidated complaint.
INDUSTRY CLASSIFICATION:
SIC Code: 7370
Sector: Technology
Industry: Computer Services
| COMPANY/ISSUER NAME: | Facebook, Inc. |
| COMPANY/ISSUER TICKER: | FB |
| COMPANY WEBSITE: | http://www.facebook.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Brian Roffe Profit Sharing Plan, et al. v. Facebook, Inc., et al. | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint for Violation of the Federal Securities Laws | |||
| Type: Complaint | Date on the document: 05/23/2012 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 05/23/2012 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| In re: Facebook, Inc., IPO Securities and Derivative Litigation | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Transfer Order | |||
| Type: Order | Date on the document: 10/04/2012 | ||
| Conditional Transfer Order | |||
| Type: Order | Date on the document: 10/18/2012 | ||
| Opinion & Order | |||
| Type: Order Appointing LP/LC | Date on the document: 12/06/2012 | ||
| Opinion & Order | |||
| Type: Order | Date on the document: 02/13/2013 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 02/13/2013 | ||
| Consolidated Class Action Complaint | |||
| Type: Complaint | Date on the document: 02/28/2013 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 06/11/2013 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint | |||
| Case Name and/or Number: Michael Spatz, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 05/23/2012 | ||
| Complaint for Violation of the Federal Securities Law | |||
| Case Name and/or Number: Goldrich Cousins P.C.401(k) Profi Sharing Plan & Trust, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 05/23/2012 | ||
| Complaint for Violation of the Federal Securities Laws | |||
| Case Name and/or Number: Jeff Offner, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 05/23/2012 | ||
| Complaint for Violations of Federal Securities Laws | |||
| Case Name and/or Number: Maren Twining, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 05/23/2012 | ||
| Class Action Complaint | |||
| Case Name and/or Number: Alexis Alexander , et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 05/24/2012 | ||
| Complaint for Violation of the Federal Securities Laws | |||
| Case Name and/or Number: Irving S. Braun, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 05/24/2012 | ||
| Complaint for Violations of the Federal Securities Laws | |||
| Case Name and/or Number: James Chang, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 05/24/2012 | ||
| Class Action Complaint | |||
| Case Name and/or Number: Douglas M. Lightman , et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 05/25/2012 | ||
| Class Action Complaint for Violation of Federal Securities Laws | |||
| Case Name and/or Number: Kathy Reichenbaum, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 05/25/2012 | ||
| Class Action Complaint for Violations of the Securities Exchange Act of 1934 | |||
| Case Name and/or Number: Lawrence Corneck, et al. v. Morgan Stanley & Co. LLC, et al. | |||
| Type: Complaint | Date on the document: 05/25/2012 | ||
| Complaint For Violation Of Sections 11, 12 And 15 Of The Securities Act Of 1933 | |||
| Case Name and/or Number: Justin F. Lazard, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 05/30/2012 | ||
| Consolidated Amended Class Action Complaint | |||
| Case Name and/or Number: Sylvia Gregorcyzk, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 05/31/2012 | ||
| Class Action Complaint for Violation of the Federal Securities Laws | |||
| Case Name and/or Number: John Gregory, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 06/01/2012 | ||
| Complaint for Violation of the Federal Securities Laws | |||
| Case Name and/or Number: David Goldberg, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 06/01/2012 | ||
| Complaint for Violation of the Federal Securities Laws | |||
| Case Name and/or Number: Peter Mamula, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 06/04/2012 | ||
| Class Action Complaint for Violation of the Federal Securities Laws | |||
| Case Name and/or Number: Howard Savitt, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 06/13/2012 | ||
| Complaint for Violations of Federal Securities Laws | |||
| Case Name and/or Number: Steve Sexton, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 06/19/2012 | ||
| Class Action Complaint For 1) Violation of Section I of the Securities Act of 1933 (15 U.S.C. § 77k); 2) Violation of Section 12(a)(2) of the Securities Act of 1933 (15 U.S.C. § 770; and 3) Violation of Section 15 of the Securities Act of 1933 (15 U.S.C. § 77o). | |||
| Case Name and/or Number: Michael Lieber, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 06/20/2012 | ||
| Class Action Complaint Jury Trial Demanded | |||
| Case Name and/or Number: Elbita Alfonso, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 06/20/2012 | ||
| Complaint | |||
| Case Name and/or Number: Vernon R. DeMois, Jr., et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 06/20/2012 | ||
| Complaint for Violation of the Federal Securities Laws | |||
| Case Name and/or Number: Thomas J. Ahrendtsen, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 06/20/2012 | ||
| Complaint for Violations of Federal Securities Laws | |||
| Case Name and/or Number: Thomas E. Nelson, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 06/29/2012 | ||
| Consolidated Amended Class Action Complaint | |||
| Case Name and/or Number: Robert L. Loomis, et al. v. Facebook, Inc., et al. | |||
| Type: Complaint | Date on the document: 07/17/2012 | ||
| Stipulation to Stay Proceedings | |||
| Case Name and/or Number: In re: Facebook, Inc., IPO Securities and Derivative Litigation | |||
| Type: Other | Date on the document: 05/30/2013 | ||
WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.
Go to Search page | Go to Case Index page | Back to Top