NEW YORK, May 23, 2012 /PRNewswire/ -- Bernstein Liebhard
LLP today announced that a securities class action lawsuit has been
commenced in the United States District Court for the Southern
District of New York on behalf of
a class of purchasers of Facebook, Inc. ("Facebook" or the
"Company") (NASDAQ: FB) securities 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").
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The action was brought against Facebook, certain of its officers
and directors, and the underwriters of the IPO for violations of
the Securities Act of 1933. 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 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.
Plaintiffs seek to recover damages on behalf of all Class
members who purchased or otherwise acquired Facebook securities
during the Class Period. If you purchased or otherwise
acquired Facebook securities during the Class Period, and either
lost money on the transaction or still hold the shares, you may
wish to join in this action to serve as lead plaintiff. In
order to do so, you must meet certain requirements set forth in the
applicable law and file appropriate papers no later than
July 23, 2012.
A "lead plaintiff" is a representative party that acts on behalf
of other class members in directing the litigation. In order
to be appointed lead plaintiff, the court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members
may together serve as lead plaintiff. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as a Facebook
shareholder and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. It
has been named to The National Law Journal's "Plaintiffs'
Hot List" in each of the last nine years.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Southern
District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2012 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
SOURCE Bernstein Liebhard LLP