Shareholders sue Facebook, Zuck, Morgan Stanley and banks over ‘untrue statements’ made during IPO marketing

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In case you’re also following the kerfuffle in the aftermath of Facebook’s big IPO, here’s the latest update from Reuters:


In a lawsuit seeking class action status, filed in the U.S. District Court in Manhattan, Facebook shareholders are suing the company, co-founder and CEO Mark Zuckerberg and several banks including lead underwriter Morgan Stanley.

The lawsuit claims shareholders were duped by the hiding of Facebook’s weakened growth forecasts.

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