Facebook defeats shareholder litigation over IPO

Facebook began trading on May 18, 2012 after going public at US$38 per share, only to see its share price fall to US$17.55 on Sept. 4, 2012 and stay below the IPO price for more than a year. - AFP pic

NEW YORK: A federal appeals court on Friday said Facebook Inc officials including chief executive Mark Zuckerberg cannot be sued by shareholders who said the social media company concealed threats to its growth prospects before its May 2012 initial public offering (IPO).