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
Canyon Creek Cabinets offers inspiration in remodeled showroom Boeing considers 737 revamp to ward off competition Advocates: High court signals it won’t stop $15 minimum wage Alcoa won’t idle Ferndale smelter in June as planned Construction spending up 0.3 percent, led by home building Northwest hops production rises to meet craft brewer needs