Gibbs Law Group LLP Reminds Shareholders of July 23, 2012 Deadline in Class Action Lawsuit Against Facebook
July 11, 2012
Facebook Investors Have Until July 23, 2012 to Seek a Lead Plaintiff Position
SAN FRANCISCO, CA –The law firm of Gibbs Law Group LLP filed a class action lawsuit against Facebook, Inc. (NASDAQ: FB) on behalf of investors who purchased shares of Facebook common stock pursuant or traceable to the company’s initial public offering (“IPO”). The deadline for Facebook shareholders to seek a lead plaintiff position in the lawsuit is July 23, 2012. Facebook investors who would like to learn more about their legal rights can contact Gibbs Law Group at (866) 981-4800 or visit our website: Gibbs Law Group Facebook Lawsuit Investigation.
The Facebook lawsuit charges the company, its officers and directors, and underwriters with violations of federal securities laws for false and misleading statements made in the Registration Statement and Prospectus issued in connection with the IPO. More specifically, the complaint alleges that Facebook failed to disclose to the investing public the material information that the company was experiencing, and anticipating, a significant drop in revenue due to an increase of users accessing Facebook through mobile devices. According to news reports, this lower revenue projection was selectively released by underwriter banks to only certain large investor clients and not included in the Registration Statement.
Facebook debuted at a highly-anticipated initial public offering last week, selling 421 million shares for $38 per share. However, in the days following the IPO, the company’s stock price dropped by nearly 18% to about $31, well below its initial offering price.
Investors who purchased or otherwise acquired shares of Facebook common stock traceable to the IPO and who have suffered substantial financial losses are encouraged to contact Gibbs Law Group attorney Jonathan Levine by calling (866) 981-4800 or visiting our website: Gibbs Law Group Facebook Legal Investigation (/facebook-securities-lawsuit/). Any member of the putative class may seek a lead plaintiff position through counsel of his or her choice, or may choose to do nothing and remain an absent class member. If you would like to serve as lead plaintiff in this action, you must move the Court no later than July 23, 2012. A copy of the complaint is available from the Court, or can be viewed on Gibbs Law Group LLP’s website: www.GirardGibbs.com.
Gibbs Law Group LLP is one of the nation’s leading firms representing investors, employees, consumers and small businesses in cases involving consumer protection, personal injury, securities, antitrust, and employment laws. The firm’s senior partners, Daniel Girard and Eric Gibbs, have been selected for inclusion in The Best Lawyers in America® 2012 and Northern California Super Lawyers, and have earned AV-Preeminent ratings from Martindale-Hubbell, recognizing them in the highest class of attorneys for professional ethics and legal skills.