Investors lodged a class action complaint against Facebook

Investors lodged a class action complaint against Facebook

04.01.2016 News

Investors lodged a class action complaint against FacebookRecently, a federal court  of the USA  has received several class lawsuits where the world’s most popular social networking site Facebook is a defendant. The plaintiffs in the case are large investors of Facebook.

The global network Facebook is accused by investors that it  has not notified them of the risks and concerns that relate to prediction business growth prior to the IPO in May 2012. The amounts of claims are not currently disclosed. The conflict began three years ago when the social network has placed its shares at $ 38 per unit, but on the first day of trading securities rose to $ 45 and then fell below the offering price, reaching its minimum in September 2012. In response, representatives of Facebook said they would not provide its investors any information about this, because they considered it irrelevant. Then, in response, investors said that Facebook was required to notify them of their strategic plans, even if they considered this information is significant.

At the same time, the affected companies that have suffered losses due to the sharp drop in shares on the stock exchange, stated in a press interview that Facebook has informed its investors selectively, that  means, some companies still received information about the possible risks and fears.

Federal District Court Judge in Manhattan announced that the investors who suffered losses when buying Facebook shares at a cost that was too high, can express their demands through the courts in the form of class actions. Such a verdict was handed down by the court December 11, 2015.

Investors sued Facebook in hopes to claim damages. Currently, representatives of Facebook do not give any comments about the upcoming court hearing.

Source: rns.online

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