FriendFinder Networks, Inc. is an American internet company that primarily offers adult entertainment, online dating, and social networking websites.

According to a press release dated November 15, 2011, the Complaint alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 on behalf of investors who purchased or otherwise acquired the Company's common stock pursuant to the May 11, 2011 public offering of its common stock. The Complaint asserts that the Company, its officers, directors and underwriters made false and misleading statements and omissions in the Registration Statement and Prospectus dated May 10, 2011 and May 11, 2011.

According to the May Offering Documents, after the offering there would be approximately 26.7 million common shares outstanding. Of these shares, at least 20.9 million were subject to a 180 day lock-up period, during which the shares could not be traded. These statements are alleged to have been false and misleading when made because: (i) a material number of the Restricted Shares were publicly traded during the lock-up period; and (ii) the Company was suffering from grossly deficient internal controls and therefore was unable to abide by the terms of the May Offering Documents.

The Company’s stock price has dropped precipitously since the May Offering, falling over 20% in the first day of trading alone. At the time the lock-up period expired, the stock had fallen to less than $2.00 per share.

On February 17, 2012, the Court issued an order appointing lead Plaintiffs and lead Counsel.

On March 20, 2012, Plaintiffs filed an amended Complaint.

On July 25, 2012, an order accepting notice of voluntary dismissal pursuant to Rule 41(a) of the Federal Rules of Civil Procedure dismissing two of the individual Defendants from this case without prejudice was issued by the Court.

On November 16, 2012, the Court issued an order granting Defendants' motions to dismiss. Plaintiff was given leave to amend the Complaint.

Plaintiff filed a second amended Complaint on June 20, 2013. Defendants filed a motion to dismiss the second amended Complaint on June 26. On March 18, 2014, the Court issued an Order granting Defendants' motion to dismiss. Plaintiff filed a notice appealing the Court's Dismissal Order on April 15. On December 2, the Court of Appeals affirmed the District Court's judgment.