Judge throws out some Facebook IPO lawsuits
NEW YORK, N.Y. - A New York judge is dismissing a key group of the many lawsuits against Facebook over its initial public offering in May, saying the plaintiffs did not show that they lost money because of corporate wrongdoing.
In the Wednesday ruling, Judge Robert Sweet of the U.S. District Court for the Southern District of New York also agreed with Facebook's claims that the plaintiffs could not prove that they owned Facebook stock at the time of the alleged wrongdoing.
The lawsuits and other still remaining alleged that analysts at large underwriting investment banks cut their financial forecasts for Facebook just before the IPO and told only a handful of clients. Facebook and the banks say nothing about its process was illegal.
Facebook says it is pleased with the ruling.
Latest Tech Galleries
Fifty years ago, in 1964, U.S. President Lyndon Johnson signed the Wilderness Act into law, setting 54 areas aside for federal protection. It opened th... More Fifty years ago, in 1964, U.S. President Lyndon Johnson signed the Wilderness Act into law, setting 54 areas aside for federal protection. It opened the way for an American wilderness system that has grown to more than 110 million protected acres in which, the act says, "the earth and its community of life are untrammeled by man, where man himself is a visitor who does not remain." More proposed areas await congressional approval, including the Rocky Mountain Front in Montana and the Columbine-Hondo in New Mexico. Read more about the legacy of the Wilderness Act online in National Geographic magazine: http://ngm.nationalgeographic.com/2014/09/wilderness-act/kolbert-text
Date 10 hrs ago, Duration 3:50, Views 212