All the latest UK technology news, reviews and analysis


Facebook IPO lawsuits head to New York judge

05 Oct 2012
facebook-homepage

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.

  • Comment  
  • Tweet  
  • Google plus  
  • Facebook  
  • LinkedIn  
  • Stumble Upon  
Dan Worth
About

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

View Dan's Google+ profile

More on Social Networking
What do you think?
blog comments powered by Disqus
Poll

BYOD vs CYOD vs BYOC poll

Which approach is your firm taking to managing employees' mobile devices?
21%
13%
4%
21%
30%
11%

Popular Threads

Powered by Disqus
Sony Xperia Z2 Tablet powered by Android KitKat 4.4

Sony Xperia Z2 Tablet video

We take a look at the lightweight, waterproof tablet

Updating your subscription status Loading
Newsletters

Get the latest news (daily or weekly) direct to your inbox with V3 newsletters.

newsletter sign-up button
hpv33

Data protection: the key challenges

Deduplication is a foundational technology for efficient backup and recovery

rdc2

iPad makes its mark in the enterprise

The iPad can become a supercharged unified communications endpoint, allowing users to enhance their productivity

Software Development Engineer

Develop: Customise: Configure. Maximise your technical...

ASP .NET Web Developers (C#)

.Net / C# / ASP . NET / MVC / SQL We are looking...

Senior Web Designer

Bit Zesty are a digital design and development agency...

ICT Data Analyst (Contract) – Waste Management

We are currently seeking a Data Analyst to join the busy...
To send to more than one email address, simply separate each address with a comma.