A federal judge is expected to hear motions next month filed by Nasdaq and the underwriters of Facebook Inc.’s botched initial public offering challenging his rulings allowing a raft of shareholder cases to proceed against them.
U.S. District Judge Robert Sweet of the Southern District of New York last month refused to dismiss shareholder claims, concluding that the underwriters failed to disclose enough about Facebook’s anticipated revenue decreases and that Nasdaq was not immune from liability over technical glitches that occurred that day.
