NEW YORK Dec 18 A federal judge said Facebook
Inc, Chief Executive Mark Zuckerberg and dozens of banks
must face a lawsuit accusing the social media company of
misleading investors about its financial condition before its
$16 billion initial public offering last year.
In a decision made public on Wednesday, U.S. District Judge
Robert Sweet in Manhattan said investors could pursue claims
that Facebook omitted material information from its registration
The investors had alleged, among other things, that Facebook
should have disclosed internal projections on how increased
mobile usage and product decisions might reduce future revenue.
On Monday, Sweet ruled that investors could also pursue
claims accusing Nasdaq OMX Group Inc of concealing
technology problems that resulted in difficulties in processing
trades on Facebook's first day of trading.