Facebook hopes to raise as much $10 billion in one of the largest initial public offerings in U.S. history. But according to Quinn Emanuel Urquhart & Sullivan, the Web 2.0 darling has a dot-com phenomenon of the 1990s to thank for much of its success: Yahoo.
On Monday, after trading barbs in the press over patent license demands in recent weeks, Yahoo made good on its threats by suing Facebook in San Jose federal district court. Quinn Emanuel’s 18-page complaint accuses Facebook of infringing 10 Yahoo patents through core features of its website, including its news feed, privacy controls, and pay-per-click advertisements.
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