NEW YORK, May 23, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities violations at Facebook, Inc. ("Facebook" or the "Company") (NASDAQ: FB).
On or about May 16, 2012, Facebook filed with the SEC a Form S-1/A Registration Statement (the "Registration Statement") for the Company's initial public offering ("IPO"). On or about May 18, 2012, the Prospectus (the "Prospectus"), which forms part of the Registration Statement, became effective and defendants sold 421 million shares of Facebook common stock to the public at $38 per share, for total proceeds of more than $16 billion.
The investigation seeks to determine whether the Registration Statement provided to potential investors failed to disclose material information about Facebook's business, operations and prospects, in violation of federal securities laws. Specifically, whether certain of the Company's executive officers and directors and the underwriters of the IPO failed to disclose that during the IPO roadshow, the lead underwriters cut their earnings forecasts, but only selectively disclosed the news of the estimate cut to certain preferred investors and not to the investing public.
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If you purchased Facebook securities pursuant and/or traceable to the Company's May 18, 2012 initial public offering, and would like to discuss your legal rights, visit www.faruqilaw.com/FB. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Facebook's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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