A federal appeals court on Friday upheld the dismissal of litigation by Facebook Inc shareholders who accused officials at the social media company of deceiving them about its growth prospects prior to its 2012 initial public offering.

By a 3-0 vote, the 2nd U.S. Circuit Court of Appeals said the plaintiffs could not prevail because they failed to show they owned Facebook stock at the time of the alleged misconduct.

The decision affirmed the February 2013 dismissal of the case by U.S. District Judge Robert Sweet in Manhattan.

(Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama)

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.

Related Posts

Facebook Comments

Return to Top ▲Return to Top ▲