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June 14, 2012 05:22 am GMT
Today a Texas court dismissed a petition asking for "oral depositions and requests for documents" from Facebook to determine if it defrauded investors in its IPO last month. The judge ruled that the plaintiffs needed to already have grounds for a complaint against Facebook, and could not use a petition for discovery in order to figure out the basis for a lawsuit, according to government documents attained by TechCrunch.The petition sought to grill CEO Mark Zuckerberg, CFO David Ebersman, Chief Accounting Officer David Spillane, and representatives from Morgan Stanley, J.P. Morgan, andGoldman Sachsfor info about whether they withheld negative financial data about Facebook from the public before its IPO. Facebook remains embroiled in several other lawsuits with similar complaints, though.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/_IqllRwKZNQ/
Court Denies Petition To Question Zuckerberg and Banks About Alleged Facebook IPO Fraud
Today a Texas court dismissed a petition asking for "oral depositions and requests for documents" from Facebook to determine if it defrauded investors in its IPO last month. The judge ruled that the plaintiffs needed to already have grounds for a complaint against Facebook, and could not use a petition for discovery in order to figure out the basis for a lawsuit, according to government documents attained by TechCrunch.The petition sought to grill CEO Mark Zuckerberg, CFO David Ebersman, Chief Accounting Officer David Spillane, and representatives from Morgan Stanley, J.P. Morgan, andGoldman Sachsfor info about whether they withheld negative financial data about Facebook from the public before its IPO. Facebook remains embroiled in several other lawsuits with similar complaints, though.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/_IqllRwKZNQ/
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