Faruqi & Faruqi, LLP Announces Investigation of Facebook, Inc.
Faruqi & Faruqi, LLP is investigating potential securities violations at Facebook, Inc. (“Facebook” or the “Company”) (NASDAQ: FB).
On or about May 16, 2012, Facebook filed with the SEC a Form S-1/A Registration Statement (the “Registration Statement”) for the Company’s initial public offering (“IPO”). On or about May 18, 2012, the Prospectus (the “Prospectus”), which forms part of the Registration Statement, became effective and defendants sold 421 million shares of Facebook common stock to the public at $38 per share, for total proceeds of more than $16 billion.
The investigation seeks to determine whether the Registration Statement provided to potential investors failed to disclose material information about Facebook’s business, operations and prospects, in violation of federal securities laws. Specifically, whether certain of the Company’s executive officers and directors and the underwriters of the IPO failed to disclose that during the IPO roadshow, the lead underwriters cut their earnings forecasts, but only selectively disclosed the news of the estimate cut to certain preferred investors and not to the investing public.
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Richard W. Gonnello
Faruqi & Faruqi, LLP
369 Lexington Avenue 10th Floor
New York, NY 10017
Tel: (212) 983-9330
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