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Facebook and banks ask U.S. judge to throw out IPO lawsuit |
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Yahoo! Tech/Internet News
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05/01/2013 at 11:35:58 |
(Reuters) - Facebook Inc, its Chief Executive Mark Zuckerberg and dozens of banks asked a federal judge to throw out a lawsuit accusing the social media company of misleading investors about its financial condition before its $16 billion initial public offering a year ago. The defendants said in court papers on Wednesday that before the IPO last May 18, Facebook had no obligation to publicly disclose internal projections on how increased mobile usage and product decisions might affect future revenue, even if it had provided the projections to its underwriters' analysts. They said the U.S. ...
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