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Browse: Home / 2012 / May / 29 / Why plaintiffs’ lawyers would rather sue Facebook than JPMorgan — On the Case

Why plaintiffs’ lawyers would rather sue Facebook than JPMorgan — On the Case

By Securities Docket on May 29, 2012, 2:54 pm

But there are two reasons why I think plaintiffs’ lawyers are more excited about their prospects in the Facebook IPO litigation than in the JPMorgan case: scienter and damages….

In the IPO litigation, on the other hand, there’s no need to show scienter because the complaints assert claims under Sections 11 and 12 of the Securities Act of 1933, which involve disclosures in offering documents. As Steven Davidoff and Peter Henning explained in a terrific piece in DealBook on exposure from the Facebook IPO, those claims entail strict liability: If there were material misstatements, Facebook and the underwriters are on the hook….

via Why plaintiffs’ lawyers would rather sue Facebook than JPMorgan. — On the Case

Posted in Class Actions | Tagged Facebook, IPOs, Web Watch

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