sharholder

Judge tosses some shareholder suits over Facebook's IPO flop

Things may be looking up for Facebook in the dozens of lawsuits it's facing from peeved shareholders over its botched initial public offering.

U.S. District Judge Robert Sweet ruled in favor of Facebook today and dismissed a group of these cases, according to the Wall Street Journal.

The social network became embroiled in this extensive legal battle shortly after its $16 billion IPO last May. The company's stock opened on the Nasdaq priced at $38 a share and, aside from a slight uptick right at the start, proceeded to plummet in the days and weeks following. Defendants … Read more