LOS ANGELES (LALATE) – A Facebook class action lawsuit has been filed against Mark Zuckerberg, David Ebersmann, and others. The Facebook class action lawsuit over the FB stock has been filed against Zuckerberg, Facebook, David Spillane, Marc Andreesen, and others including lead underwriter Morgan Stanley, attorneys tell news today. The case filed in the United States District Court for the Southern District of New York is a complaint allegedly violation of Federal Securities Laws during the IPO pricing of Facebook’s FP stock (NASDAQ: FB).
In a news statement, the plaintiffs’ attorneys claim that they are seeking “to recover damages on behalf of all purchasers of Facebook common stock pursuant and/or traceable to the Companyâ€™s IPO”. The lawsuit claims that Facebook and Morgan Stanley “failed to disclose that because Facebook was experiencing a pronounced reduction in revenue growth due to an increase of users of its Facebook app or website through mobile devices rather than traditional PCs, at the time of the IPO the Company had told the lead underwriters to reduce their 2012 performance estimates for Facebook.”
The suit is concerning what information Morgan Stanley and Facebook did and didn’t disperse to the public in advance of the IPO. In a news statement, attorneys further claim “These revisions were material information which was not shared with all investors, but rather, was selectively disclosed by defendants to certain preferred investors and omitted from the Registration Statement and/or Prospectus.”
Facebook has yet to comment about the matter. Despite the news, Facebook’s stock has been trading up today, as much as four percent in early morning trading. The Facebook move upward comes as the rest of the NASDAQ is down nearly one percent today with technology stocks down on average roughly 1.5% overall.