Facebook, Zuckerberg, banks must face IPO lawsuit - judge


  • TECH Premium
  • Thursday, 19 Dec 2013

NEW YORK: Facebook Inc, Chief Executive Mark Zuckerberg and dozens of banks must face a lawsuit accusing the social media company of misleading investors about its health before its US$16bil (RM48bil) initial public offering, a federal judge said.

In a decision made public on Wednesday, US District Judge Robert Sweet in Manhattan said investors could pursue claims that Facebook should have prior to its May 2012 IPO disclosed internal projections on how increased mobile usage and product decisions might reduce future revenue.

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