Facebook defeats shareholder litigation over IPO
Get Alerts FB Hot Sheet
Join SI Premium – FREE
NEW YORK (Reuters) - A federal appeals court on Friday upheld the dismissal of litigation by Facebook Inc (NASDAQ: FB) shareholders who accused officials at the social media company of deceiving them about its growth prospects prior to its 2012 initial public offering.
By a 3-0 vote, the 2nd U.S. Circuit Court of Appeals said the plaintiffs could not prevail because they failed to show they owned Facebook stock at the time of the alleged misconduct.
The decision affirmed the February 2013 dismissal of the case by U.S. District Judge Robert Sweet in Manhattan.
(Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Rubrik IPO: 5 key things to know
- Mirion Technologies (MIR) to Redeem Public Warrants
- The Honest Co. (HNST) PT Lowered to $3 at Loop Capital
Create E-mail Alert Related Categories
Corporate News, ReutersRelated Entities
IPOSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!