This Day On The Street
Continue to site
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

Block & Leviton, Along With Susman Godfrey And Hausfeld LLP, Announce That They Have Filed A Securities Class Action Lawsuit Against Facebook Inc.

BOSTON, June 20, 2012 /PRNewswire/ -- Block & Leviton LLP (, a Boston-based law firm representing investors nationwide, announces that it has filed a securities class action lawsuit against Facebook Inc. (NASDAQ: FB), certain of the company's officers and directors, and the underwriters of Facebook's May 18, 2012 initial public offering (the "IPO").  The law firms Susman Godfrey and Hausfeld LLP also filed the complaint along with Block & Leviton.

The lawsuit, which is pending in the District Court for the Southern District of New York (case no. 1:12-cv-04648), alleges violations of U.S. securities laws on behalf of all persons who purchased the common stock of Facebook pursuant to the Company's IPO. The claims arise under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933. The complaint asserts that Facebook, certain of the company's officers and directors, and the underwriters of the IPO made materially untrue statements in the Offering Documents issued in connection with the IPO. 

More specifically, the complaint alleges that, contrary to Defendants' public statements, Facebook was experiencing a severe and pronounced reduction in revenue growth due to an increase of users accessing the Facebook website through mobile devices. In light of these facts, Facebook told certain of the underwriters to materially lower their revenue forecasts for 2012, while continuing to tout Facebook's performance to the investing public. As details of the Defendants' misconduct emerged, Facebook's share price plummeted, falling from an initial offering price of $38.00 to less than $32.00. Numerous governmental agencies have also announced that they are investing allegations of impropriety involving Facebook's IPO.

If you are a member of the Class, you may, no later than July 23, 2012, request that the court appoint you as Lead Plaintiff for the Class. You may contact the attorneys at Block & Leviton to discuss your rights in the case. You may also retain counsel of your choice and you need not take any action at this time to be a class member.           Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.          Contact: BLOCK & LEVITON LLP   398-5600


1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs