Facebook shares continue to fall, investors to sue
Investors are suing Facebook, including its founder Mark Zuckerberg, and Morgan Stanley, the lead underwriter in last week’s disastrous public float, claiming they were misled in the purchase of the social network firm’s stock.
The investors said the members of a proposed class action have lost more than $2.5 billion since the initial public offering last week, in a complaint filed today in Manhattan federal court. They claimed Facebook and the banks didn’t disclose lower revenue estimates.
Death to Facebook!