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  1. #71
    Join Date
    Aug 2011
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    Glen Cove
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    Quote Originally Posted by MotorDean View Post
    (Reuters) - Facebook Inc and Morgan Stanley, the lead underwriter of social networking company's IPO, were sued by shareholders who claimed the defendants hid Facebook's weakened growth forecasts ahead of its $16 billion initial public offering.

    The lawsuit, which also targeted underwriters JPMorgan Chase and Goldman Sachs among others, comes as Facebook and the banks that took it public face many questions about the IPO process, which culminated in a May 18 stock market debut plagued by technical glitches.

    Facebook shares fell 18.4 percent from their $38 IPO price in the first three trading days. In early afternoon trade on Wednesday, Facebook shares were up 2.5 percent at $31.78.

    The legal action accused the defendants, including Facebook Chief Executive Mark Zuckerberg, of concealing "a severe and pronounced reduction" in revenue growth forecasts resulting from increased use of Facebook's app or website through mobile devices.

    Facebook was also accused in the lawsuit of telling its bank underwriters to "materially lower" forecasts for the company.

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    Should have bought more!!!
    Martino Auto Concepts


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  2. #72
    Join Date
    Aug 2011
    Posts
    4,784
    Quote Originally Posted by JoeMAC View Post
    Should have bought more!!!
    77.52 +1.41 - New highs here we come!!!!!!!

  3. #73
    Join Date
    Aug 2011
    Posts
    4,784
    Record Mobile Growth = New All Time Highs Again!!!
    Currently 81.67 Up 1.79(2.24%)

 

 
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