Lucchetti, A. (2012, Sep 26). Facebook's Next Fight: Suits and More Suits" The Wall Street Journal pp. C1, C2:
"Facebook Inc's botched initial public offering is turning into a potential legal morass for the social networking firm, its investment bankers and the exchange on which it went public. Almost 50 lawsuits have been filed against Facebook, Nasdaq OMX Group and underwriters of Facebook's May IPO..."
Majia here: Additionally, securities lawyers say they anticipate hundreds of arbitration claims against brokers and securities companies that promoted Facebook shares.
Over $38 billion has evaporated in Facebook share value.
Most of the claims contend that investors were not clearly told that Facebook growth was compromised as customers moved to mobile devices because these devices present distinct advertising issues for Facebook advertisers. The article fails to explicate these challenges.