This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Harwood Feffer LLP Files Class Action On Behalf Of Purchasers Of Facebook Inc. Common Stock Against Facebook's Lead Underwriters

Stocks in this article: FB

NEW YORK, May 29, 2012 /PRNewswire/ -- The law firm of Harwood Feffer LLP announces that it filed a class action lawsuit on May 25, 2012  (Case No. 12-cv-4215) on behalf of purchasers of the common stock of Facebook Inc. (the ACompany@) (NASDAQ:FB) through its initial public offering.  Shareholders may obtain a copy of the complaint by calling our offices or emailing us at the e-mail addresses listed below. The action is pending in United States District Court for the Southern District of New York and is brought against the Company's three lead underwriters -- Morgan Stanley & Co., LLC, J.P. Morgan Securities LLC, and Goldman Sachs & Co.

(Logo: )

The lawsuit alleges that the three underwriters knew that the market for the Company's shares was weaker than the public believed by virtue of their having advised certain of their major clients to reduce their requests for allocations of the Company's shares due to certain weaknesses of the Company's prospects of which they were aware.  Notwithstanding this material non-public information about market interest, the lead underwriters (a) increased to the highest end of the proposed range the Company's share price and (b) increased by 25% the number of shares sold in the offering.  By selling short into the market their 15% over-allotment while in possession of such material, non-public information, the lead underwriters violated Section 20A of the Securities Exchange Act of 1934.

If you bought the Company's stock in its initial public offering, you may move the Court, no later than July 24, 2012, to appoint you as lead plaintiff, a representative party that acts on behalf of other class members. The Court must determine whether the class member's claim is typical of other members' claims, and whether the class member will adequately represent the class. Your ability to recover is not, however, affected by your decision whether or not to serve as a lead plaintiff. 

Harwood Feffer has taken a leading role in many important actions on behalf of defrauded shareholders and has recovered hundreds of millions of dollars in those efforts. The Harwood Feffer website ( has more information about the firm.  If you wish to discuss this action with us or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:

Samuel K. Rosen, Esq. E-mail: Craig Lowther E-mail: Harwood Feffer LLP  488 Madison Avenue  New York, New York 10022 (Toll free) 877‑935-7400

SOURCE Harwood Feffer LLP

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,674.01 +317.14 1.83%
S&P 500 2,045.87 +32.98 1.64%
NASDAQ 4,722.4210 +78.1090 1.68%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs