Canaccord Genuity Morning Coffee on Facebook (FB): Invited to Join Group: Lawsuit

June 18, 2012 10:26 AM EDT
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Canaccord Genuity Morning Coffee on Facebook (NASDAQ: FB): Invited to join group: Lawsuit.

Facebook filed a motion consolidating all shareholder lawsuits against the site, and is expected to blame the NASDAQ (Nasdaq: NDAQ) for its botched IPO. The filing should provide some perspective on Nasdaq’s role on listing day and the effect the exchange’s actions had on trading activity, according to a source close to the matter. Underwriters Morgan Stanley (NYSE: MS), Goldman Sachs (NYSE: GS) and JPMorgan Chase (NYSE: JPM) also joined the motion. Separately, a document made public Friday showed the Securities and Exchange Commission pressed Facebook executives to explain in more detail how a shift to mobile devices could impact the company’s profits. The document, dated February 28, read, “Assuming that the trend toward mobile continues and your mobile monetization efforts are unsuccessful, ensure that your disclosure fully addresses the potential consequences to your revenue and financial results rather than just stating that they ’may be negatively affected.”

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