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Facebook Lawsuit 'Without Merit'

2012-05-24 15:44:00

Facebook has announced it would “vigorously” defend itself against a recent lawsuit over the firm’s $16-billion IPO last week, according to Fin24.

The lawsuit had been filed by New York investors who accused the social networking website of holding back crucial information from smaller investors ahead of their initial public offering (IPO) on Friday.

“We believe the lawsuit is without merit and will defend ourselves vigorously,” said a Facebook spokesperson.

The investors, however, claim the IPO documents put out by the company and underwriters “contained untrue statements of material fact”, while other crucial information had been omitted from investors.

This was a violation of securities law, the plaintiffs claimed.

Click here to read the full story on Fin24.

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