Judge throws out some Facebook IPO lawsuits

NEW YORK — A New York judge is dismissing a key group of the many lawsuits against Facebook over its initial public offering in May, saying the plaintiffs did not show that they lost money because of corporate wrongdoing.

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.

More in Herald Business Journal

Snohomish inventor makes changing beds magical

He hopes to make his big push in the hotel industry, where injuries to housekeepers are increasing.

Boeing planes designed for Alaska to make final flights

The special Boeing 737-400s carry cargo in the middle of the plane and 72 passengers in the rear.

Boeing creates a Renton office to oversee its new airplane

Experts expect the company to make a formal 797 launch decision no later than next year.

Equifax dumps its CEO after the damaging data breach

Many applauded Equifax’s handling of the problem, but management was under fire for lax security.

Job fair planned for Tulalip community members

Tulalip Tribes Employment is holding an employment clinic from 9 to 11:30… Continue reading

New memory care community opens in Mukilteo

Health care insurance is the next topic on KSER’s monthly personal finance… Continue reading

Marysville Tulalip chamber plans to host candidates forum

The next Greater Marysville Tulalip Chamber of Commerce Business Before Hours event… Continue reading

Adidas exec, 4 coaches charged in college bribery scheme

Prosecutors said at least 3 recruits were promised up to $150K to attend schools Adidas sponsored.

New US sanctions hit 8 North Korean banks, 26 bank workers

The sanctions are part of an effort to use economic pressure and diplomacy to end the nuclear crisis.

Most Read