12/07/2012 // West Palm Beach , Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
New York – A judge has named the lead plaintiffs in a proposed class action against social media giant Facebook Inc. As reported by Reuters, U.S. District Judge Robert Sweet ruled Thursday that the group that will serve as lead plaintiffs in the multiple securities lawsuits will include North Carolina and Arkansas investors North Carolina Retirement Systems, Arkansas Teacher Retirement System, the Fresno County Employees’ Retirement Association and Banyan Capital Master Fund Ltd.
Facebook has been accused in the proposed class action of financial misrepresentation prior to its $16 billion initial public offering in May.
Sweet is quoted in the report as stating of the group, which has a purported $7.1 million in losses combined, “Its members are large, institutional investors with experience representing shareholder classes in similar litigation with the resources to pursue the action.”
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