Facebook and its founder Mark Zuckerberg are being sued by disgruntled investors following the firm's $16 billion flotation last week.
The defendants, who also include bank and lead IPO underwriter Morgan Stanley, are accused of failing to disclose "a severe and pronounced reduction" in revenue growth forecasts in the build up to the record public offering.
The complainants allege that Facebook revenues were revised down because of a surge in the number people using mobile devices for apps and connection to its site. Full story...
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The defendants, who also include bank and lead IPO underwriter Morgan Stanley, are accused of failing to disclose "a severe and pronounced reduction" in revenue growth forecasts in the build up to the record public offering.
The complainants allege that Facebook revenues were revised down because of a surge in the number people using mobile devices for apps and connection to its site. Full story...
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