Facebook hit with another class action suit, this time over IPO debacle

Pennsylvania-based law firm�Kessler Topaz Meltzer & Check, LLP on Friday filed a class action lawsuit against Facebook regarding the handling of its initial public offering, which was made on March 18th. On the day of its IPO, the company was hit with a privacy-related class action lawsuit seeking $15 billion in damages. This new complaint, which was filed in�the United States District Court for the Southern District of New York, charges Facebook and multiple officers, directors and underwriters�with violating the�Securities Act of 1933 by failing to disclose or disregarding material adverse facts that were known to them. “The Complaint asserts that defendants failed to disclose at the time of the IPO that Facebook was then experiencing a severe and pronounced

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