In a 61-page brief filed on Wednesday, Facebook’s lawyers at Kirkland & Ellis and Willkie Farr & Gallagher moved to dismiss consolidated securities litigation over the IPO. Contrary to a slew of complaints filed by plaintiffs lawyers, they argued that Facebook adequately warned investors in the run-up to the IPO that increased mobile usage might erode ad revenue. The dismissal motion was filed jointly with Davis Polk & Wardwell, which represents Facebook’s underwriters, including lead underwriter Morgan Stanley.
via Facebook, Underwriters Make Dismissal Pitch in IPO Investor Suits — The Litigation Daily
