US judge names lead plaintiffs in Facebook IPO litigation

A group of investors including state pension funds in North Carolina and Arkansas will be the lead plaintiffs in securities lawsuits arising out of Facebook Inc’s $16 billion initial public offering, a U.S. Judge ruled on Thursday.

The investors, in a proposed class-action case, have accused Facebook of misrepresenting its financial condition in the run-up to the May stock offering. They are represented by law firms Bernstein Litowitz Berger & Grossmann and Labaton Sucharow.

via US judge names lead plaintiffs in Facebook IPO litigation — Financial Express