Facebook and banks face lawsuit

BBC News

Facebook, its founder Mark Zuckerberg, and the banks leading its flotation are being sued by disgruntled shareholders.

A writ, filed in a Manhattan court, alleges that Facebook’s revised growth figures were not disclosed to all investors.

US financial regulators have already said the Morgan Stanley may have questions to answer over the disclosure of information ahead of Friday’s float.

The bank, lead underwriter to Facebook, said it fully complied with the rules.

Read More: http://www.bbc.co.uk/news/business-18180861

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