Facebook lawsuit Sued for Several Banks for the IPO of the social network: Facebook Chief Executive Mark Zuckerberg and several banks, has been sued by a group of shareholders which led by Morgan Stanley, who believe that the company hid weak growth forecasts before its initial public offering (IPO) of 16,000 million.
Investors believe the company hid during the process of promoting the offer, “a sharp and steep descent” of the sales forecasts of Facebook, due to increased use of its site on mobile devices, where the advertising business is not yet developed.
Facebook debuted on the stock last week and in the days leading contribution has not registered the expected results, losing an important part of their value.
The lawsuit was filed in Manhattan District Court, according to a lawyer for the plaintiffs. The day before, another investor filed a similar lawsuit a California state court, according to a law firm involved in that case.
The lawsuit in New York, the shareholders claim that research analysts from several underwriters had lowered their forecasts for Facebook during the IPO, but that these changes are “selectively disclosed by the defendants to certain preferred investors “instead of informing the public in general.
“The value of the joint action of Facebook has fallen substantially and the plaintiffs (…) have sustained damage as a result,” the lawsuit said. Representatives from Facebook and Morgan Stanley did not respond immediately to requests for comment on the information.
These demands have occurred after several U.S. securities regulators have confirmed that Facebook’s IPO investigate to ensure that there were no irregularities.
Facebook shares have lost 18.4 percent from its debut price of $ 38 in the first three days of operations, reducing the value of paper sold in the IPO in more than 2,900 million dollars.
Morgan Stanley defends his performance in the IPO of Facebook