Facebook founder Mark Zuckerberg sued by shareholders over IPO

The lawsuit accuses Mr Zuckerberg, Facebook and several banks led by Morgan Stanley of hiding the company’s weakened growth forecasts ahead of its $16bn initial public offering.

The defendants are claimed to have concealed from investors during the IPO marketing process “a severe and pronounced reduction” in Facebook revenue growth forecasts.

The news comes as Morgan Stanley, the bank in charge of the IPO, is being investigated over possible securites fraud.

The US bank has been accused of failing to warn smaller investors of a more negative assessment of Facebook’s future profits.

It is claimed that several major investors had been pre-warned that a Morgan Stanley analyst had cut the amount of money he expected Facebook to make.

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About OyiaBrown

Please send me, as a comment to this page, any old material you have for inclusion in The Daily Joke Alert - to help enable us all to have our fancy tickled regularly! Never mind the state it's in as I tidy everything up prior to publication. Don't let good material go to waste - and so much does. In the interests of the environment we should always try to re-cycle everything, especially jokes. You know that makes sense! You may find some historical stuff here, but this does not really matter as humor is fairly timeless.

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