Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. were sued along with other underwriters and Facebook Inc. by investors who claimed they were misled in the purchase of the social network firm’s stock.
The investors said the members of a proposed class action have lost more than $2.5 billion since the initial public offering last week, in a complaint filed Wednesday in Manhattan federal court. They claimed Facebook and the banks didn’t disclose lower revenue estimates.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
