Approximately 50 lawsuits have been filed by investors who claim Facebook Inc. misled them about its financial condition before they purchased stock during the company’s May 18 initial public offering, causing billions of dollars in losses.
Facebook moved on June 14 to coordinate and transfer the lawsuits to the Southern District of New York, according to filings with the U.S. Judicial Panel on Multidistrict Litigation. On Aug. 8, the MDL Panel scheduled the litigation’s venue request for its next hearing, which will take place in New York on Sept. 20.
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