Facebook Inc.’s lawyers at Kirkland & Ellis and Willkie Farr & Gallagher moved on June 15 to have all of the 40-plus cases filed over the company’s initial public offering transferred to Manhattan for pretrial coordination. They were joined on the filing by Davis Polk & Wardwell, counsel for the lead underwriters. According to the motion filed with the U.S. Judicial Panel on Multidistrict Litigation, 16 of those cases are filed in either federal or state court in California.
Facebook, which is headquartered in Menlo Park, Calif., argues that the events at the center of the securities casesnamely forward-looking projections the company made to analysts after a May 9 amendment to its IPO papers, and the subsequent change in the analysts’ forecasts which were allegedly shared with preferred clientspredominantly took place in New York. Facebook’s lawyers also point out that 22 cases are pending in New York’s Southern District and that the court there has “the resources and experience to manage multi-party, multi-district securities litigation.”
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