The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the July 23, 2012 deadline to move for appointment as lead plaintiff in the securities class action litigation against Facebook, Inc. (“Facebook” or the “Company”) (NASDAQ:FB), brought on behalf of purchasers of Facebook common stock pursuant and/or traceable to the Company’s initial public offering (“IPO”) on May 18, 2012.
If you purchased Facebook common stock pursuant and/or traceable to the Company’s May 18, 2012 IPO, you may move the Court for appointment as lead plaintiff no later than July 23, 2012. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
The litigation is brought against Facebook, certain of its officers and directors, and the underwriters of the IPO for violations of federal securities laws.On May 22, 2012, reports surfaced that analysts at Morgan Stanley, JP Morgan, and Goldman Sachs, underwriters of Facebook’s IPO, had revised downward their financial forecasts for the Company during the IPO roadshow. The revised forecasts were reportedly only passed along to certain major investors who were then able to sell their Facebook shares for a profit while the stock price rose immediately following the IPO. On May 22, 2012, Facebook shares closed at $31.00, significantly lower than the IPO price of $38.00. The Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) have announced plans to investigate issues relating to the Facebook IPO.