Case Page

 

Case Status:    ONGOING    
On or around 03/07/2016 (Ongoing date of last review)

Filing Date: May 23, 2012

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.

On December 29, 2015, the Court granted Plaintiffs' motions for class certification.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FB
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 12-CV-04081
JUDGE:
DATE FILED: 05/23/2012
CLASS PERIOD START: 05/18/2012
CLASS PERIOD END: 05/22/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza)
    One Pennsylvania Plaza, Suite 1910, Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza), NY 10119
    212.279.5050 212.279.3655 · JFruchter@FruchterTwersky.com
  2. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  4. The Weiser Law Firm, P.C.
    121 N. Wayne, Ave, Suite 100, The Weiser Law Firm, P.C.
    610.667.7706 · rw@weiserlawfirm.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 12-MD-02389
JUDGE:
DATE FILED: 02/28/2013
CLASS PERIOD START: 05/18/2012
CLASS PERIOD END: 06/20/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Kessler Topaz Meltzer & Check LLP (Pennsylvania)
    280 King of Prussia Road, Kessler Topaz Meltzer & Check LLP (Pennsylvania), PA 19087
    610.667.7706 610.667.7706 · info@ktmc.com
  3. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  4. Lieff, Cabraser, Heimann & Bernstein LLP
    Embarcadero Center West 275 Battery Street, Suite 3000, Lieff, Cabraser, Heimann & Bernstein LLP, CA 94111-3339
    415.956.1000 415.956.1008 ·
No Document Title Filing Date
No Document Title Filing Date