Girard Gibbs has filed a lawsuit against Facebook, Inc. (NASDAQ: FB), its officers and directors, and the underwriters on behalf of investors who purchased shares of Facebook traceable to the company's IPO. The Facebook lawsuit charges the company, its officers and directors, and underwriters with violations of federal securities laws for false and misleading statements made in the Registration Statement and Prospectus issued in connection with the IPO. Facebook investors who wish to learn more about the case, and anyone with information relating to the investigation, should contact Girard Gibbs toll free at (866) 981-4800.
The class action complaint alleges that Facebook failed to disclose to the investing public the material information that the company was experiencing, and anticipating, a significant drop in revenue due to an increase of users accessing Facebook through mobile devices. According to news reports, this lower revenue projection was selectively released by underwriter banks to only certain large investor clients and not included in the Registration Statement.
If you invested in Facebook and would like to learn more about this investigation, or have questions concerning your legal rights, contact Girard Gibbs at (866) 981-4800 or fill out the form to the right. Any member of the putative class may seek a lead plaintiff position through counsel of his or her choice, or may choose to do nothing and remain an absent class member. If you would like to serve as lead plaintiff in this action, you must move the Court no later than July 23, 2012.