More Than Three Years after its IPO Facebook still Faces Lawsuits over the Issue
Facebook's IPO may have been more than three years old but lawsuits related to it are still not over, as a lot of people feel as if they were defrauded and are still looking for getting their money back.
In 2012 when Facebook went public the entire thing devolved into a grand mess. There were lawsuits filed along with a bunch of accusations. At present, there are two class action lawsuits still going on against Facebook. Reportedly, both of them were certified by a federal judge in the current month though the records were unsealed this week.
Facebook along with some of its top executives which also includes CEO, Mark Zuckerberg and COO, Sheryl Sandberg are being accused by lawsuits for knowingly concealing internal projections which might have hurt the prospects of its Initial Public Offering.
Regarding the decision a Facebook spokesperson said, "We are disappointed with the decision, and have already filed an appeal. We believe the class certification is without merit and conflicts with well-settled Supreme Court and Second Circuit law."
Menlo Park, California-based Facebook said it is appealing the class certifications, calling it "without merit" and clash with "well-settled" precedent.
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