Canadian Class Action Over Facebook’s IPO
For some potential investors, the hype over Facebook’s Initial Public Offering (IPO) was obvious, largely around inflated expectations over advertising revenues and business model.
Facebook is already facing a couple class actions in the U.S., directed against the funders of the IPO. But now Facebook is facing a series of Canadian class actions against Facebook itself.
A class action was filed this past week in Saskatchewan, with another being filed in Ontario tomorrow, and B.C. to follow thereafter. The class action allege that the bank analysts involved were privy to insider information regarding revenue expectations for the second . . . [more]
