Milberg LLP Files Class Action Lawsuit Against Facebook Inc

Milberg LLP announced that class action lawsuits were filed in the United States District Court for the Southern District of New York on behalf of purchasers of Facebook, Inc. common stock pursuant to the Company’s May 18, 2012 initial public offering Actions were also filed in the Northern District of California. The complaints charge Facebook, certain of its officers and directors, and underwriters of the IPO with violations of the Securities Act of 1933. The actions allege that the Registration Statement and Prospectus issued with the IPO were false because they did not disclose that the Company experienced a reduction in revenue growth, and that underwriters lowered revenue guidance during Facebook’s road show. On May 18, 2012, Facebook’s Prospectus became effective and Facebook sold 421 million shares to the public at $38, for total proceeds of more than $16 billion. Shares of Facebook fell 18% over the following two trading days to close at $31 on May 22, 2012, amid revelations about the lowered guidance.