Lieff Cabraser Announces Facebook IPO Securities Class Action Lawsuit

The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that a class action lawsuit has been brought on behalf of all persons and entities who purchased the securities of Facebook, Inc. (“Facebook” or the “Company”) (NasdaqGS:FB) pursuant and/or traceable to the Company’s Registration Statement and Prospectus issued in connection with its $16 billion initial public offering of common stock on May 18, 2012 (the “IPO”).

Facebook shareholders who wish to learn more about the action, and persons with information relating to the alleged wrongdoing, should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at (800) 541-7358.

Background on the Facebook Securities Class Litigation

The action is brought against Facebook, certain of its officers and directors, and the underwriters of the IPO for violations of the federal securities laws. The complaint alleges that the IPO Registration Statement and Prospectus were negligently prepared and failed to disclose material information about Facebook’s business, operations and prospects.

On May 22, 2012, reports surfaced that analysts at Morgan Stanley, JP Morgan, and Goldman Sachs, underwriters of Facebook’s IPO, had revised downward their financial forecasts for the Company during the IPO roadshow. The revised forecasts were reportedly only passed along to certain major investors who were then able to sell their Facebook shares for a profit while the stock price rose immediately following the IPO. On May 22, 2012, Facebook shares closed at $31.00, significantly lower than the IPO price of $38.00. The Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) have announced plans to investigate issues relating to the Facebook IPO.

About Lieff Cabraser

Lieff, Cabraser, Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last nine consecutive years.

For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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