Facebook and its underwriters have asked a US district judge to throw out a lawsuit which alleges the social network mislead investors in the run up to its introduction on Wall Street.
Facebook stands accused of misleading investors by withholding projections about its mobile user base. According to the filing, the social network hopes to have the lawsuit thrown out on the grounds that it was not required to share internal projections with investors.
"The Security and Exchange Commission (SEC) has consistently refused to require issuers to disclose to the public 'all material non-public information' that they share with investment professionals prior to an IPO, because such a rule would 'adversely affect the capital formation process'," read the filing.
"Plaintiffs would have this court impose - retroactively - a rule which the SEC has for decades thoughtfully rejected. This court should decline the invitation."
Facebook alleges that the SEC has repeatedly refused to require IPOs to release broad projections to investors. The social network says that they willingly gave that information to its underwriters, but were under no order to share it with the public.
Last year, it was discovered that financial firm Morgan Stanley reduced its projections for Facebook in the days lading up to its IPO. Morgan Stanley was an underwriter for the social network and some thought the reduced projections were a sign of preferential treatment.
Facebook has suffered to gain momentum since going public last year. Shares in the firm were initially valued at $38. However, shares suffered from lengthy ups and downs throughout the year. Facebook stock is currently trading just above $27 a share.
The company has also seen a variety of changes over the past year. Facebook launched the Home app for Android last month. The release marked a major change of strategy in the mobile sector.
Since the IPO, Facebook has been looking for ways to better monetize its mobile platform. Offerings like Home and updated advertising platforms have been seen as signs that Facebook is becoming a mobile first firm.
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