Manage updates with the Download AppFacebook served new lawsuit over bungled IPO
Just when it seemed like the Facebook shareholder lawsuits were easing up, the social network has been hit with a new IPO suit.
Investor Gaye Jones filed a new case against Facebook Chief Executive Mark Zuckerberg and the company's underwriters today, according to Reuters. Like several other investors that have sued Facebook, Jones claims that the social network knew about its weak revenue trends before its IPO but failed to disclose this information.
"The defendants were unjustly enriched because they realized enormous profits and financial benefits from the IPO, despite knowing that reduced revenue and earnings forecasts for … Read more
