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Facebook IPO lawsuits head to New York judge

05 Oct 2012

Numerous lawsuits levelled at Facebook in the wake of its disastrous flotation on the Nasdaq are to be consolidated into a single action to be heard by a judge in New York.

According to Reuters a panel of federal judges on Thursday ordered that the cases be transferred to US District Judge Robert Sweet in Manhattan.

This was despite some claimants arguing there cases should be heard in the jurisdictions where the cases were originally filed, such as California.

V3 contacted Facebook for comment on the update but had received no reply at time of publication.

The issues centre around numerous problems that arose with Facebook's flotation, after it was alleged that those in financial institutions were given insider information on Facebook's figures that were held back from other investors.

Issues around the firm's mobile offerings have also seen confidence in Facebook's future financial performances waver, an issue chief executive Mark Zuckerberg has himself admitted the company overlooked for too long.

The news comes in the same week that Facebook announced it has now passed the one billion user milestone, a notable moment in the firm's growth as it seeks to regrow investor confidence in its brand.

However, almost a tenth of all users on the site were revealed to be fake and spam accounts earlier this year, possibly diluting the truth of the one billion figure.

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Dan Worth

Dan Worth is the news editor for V3 having first joined the site as a reporter in November 2009. He specialises in a raft of areas including fixed and mobile telecoms, data protection, social media and government IT. Before joining V3 Dan covered communications technology, data handling and resilience in the emergency services sector on the BAPCO Journal

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