Facebook lawsuit filed by disgruntled shareholders

05/29/2012 // West Palm Beach, Florida, US // JusticeNews // Justice News Flash // (press release)

U.S. – A lawsuit has been filed against social media giant Facebook and others involved in the company’s IPO. As reported by BBC News, discontented shareholders have filed the lawsuit claiming all investors were not made privy to the company’s revised growth figures.

The plaintiffs in the lawsuit have purportedly claimed investors were not informed about a forecasted reduction in revenue growth during the process of marketing the flotation. A subpoena was reportedly issued to Morgan Stanley in connection with an investigation into the disclosure of Facebook revenue forecast revisions.

Morgan Stanley is quoted by BBC News as stating in response to the subpoena that it had “followed the same procedures for the Facebook offering that it follows for all initial public offerings.”

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