In the Wednesday ruling, Judge Robert Sweet of the U.S. District Court for the Southern District of New York also agreed with Facebook's claims that the plaintiffs could not prove that they owned Facebook stock at the time of the alleged wrongdoing.
The lawsuits and other still remaining alleged that analysts at large underwriting investment banks cut their financial forecasts for Facebook just before the IPO and told only a handful of clients. Facebook and the banks say nothing about its process was illegal.
Facebook says it is pleased with the ruling.
- Off the Wire: Woman, 104, forced to lie about age on Facebook 2/21/13
MORE HBJ HEADLINES
California firm buys shopping center across from Alderwood for $40.5 million Spokane jail gets $2.6 million contract for medical services 10:52 a.m. The great road trip returns this summer thanks to cheap gas 11:19 a.m. Lowe’s shows home improvement is economic bright spot China influence on local real estate may be permanent China criticizes U.S. steel anti-dumping measures