Investors sue Facebook, Morgan Stanley

[newarkhiphop]

NEW YORK (CNNMoney) -- Three investors sued Facebook and chief executive officer Mark Zuckerberg on Wednesday, along with lead underwriter Morgan Stanley and a host of other underwriters, accusing them of withholding negative information about the social network's initial public offering.
"It appears as though material information was not disclosed," said Robert Weiser, one of the plaintiff lawyers in the class action suit. "We believe that the offering was conducted unfairly and it harmed public stockholders."
The suit was filed in the U.S. District Court for the Southern District of New York in Manhattan.
According to a report published by Reuters, Morgan Stanley (MS, Fortune 500) shared a negative assessment of the social network with major clients ahead of Facebook's (FB) IPO, which debuted last week.
"We believe the lawsuit is without merit and will defend ourselves vigorously," said a Facebook spokesperson to CNN.
Morgan Stanley declined to comment.

Investors file lawsuit against Facebook, Morgan Stanley - May. 23, 2012

 

[Sinnerman]

lol

 

[ElMasChingon]

It was only a matter of time.

 

[dora_da_destroyer]

their servers on status right now, i can't even log on

 

[NkrumahWasRight Is Wrong]

their servers on status right now, i can't even log on

sounds familiar

 

[Creeper]

its bout to get ugly...

 

[MikelArteta]

lol at anyone investing in facebook

 

[TrueEpic08]

Investors file lawsuit against Facebook, Morgan Stanley - May. 23, 2012

withholding negative information about the social network's initial public offering

In other news, world turns.

This could get ugly down the line, though...

 

[Emperor Sol]

Facebook is SOHH 2.0

 

[Prince Akeem]

Hilarious.

 

[Ninjaz In Paris]