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Facebook Loses Face (Oh the Irony) – Investors Sue Facebook, Zuckerberg

Investors Sue Facebook, Zuckerberg

Facebook shareholders filed a lawsuit on Wednesday against Facebook, its chief executive Mark Zuckerberg, and several banks led by Morgan Stanley for hiding weakened growth forecasts for the social network ahead of its initial public offering. The suit alleges that the company and the banks tried conceal that there was a “severe and pronounced reduction” in Facebook’s revenue-growth forecasts just ahead of the social network going public.

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