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NASDAQ OMX Group Inc fails to win dismissal of Facebook Inc IPO lawsuit-Reuters

Monday, 16 Dec 2013 06:25pm EST 

NASDAQ OMX Group Inc:A federal judge has rejected Nasdaq OMX Group Inc's bid to dismiss lawsuits by investors who accused the exchange operator of botching Facebook Inc's $16 bln initial public offering-Reuters.Nasdaq had argued that its status as a self-regulatory organization (SRO) gave it immunity from claims it broke securities laws and was negligent in how it executed orders to buy and sell shares of the social media company on May 18 2012, the first day of trading.In a 97-page decision, U.S. District Judge Robert Sweet in Manhattan agreed that SRO status gave Nasdaq immunity from some claims, including the decision not to halt the IPO.But he rejected Nasdaq's effort to dismiss claims over the design and testing of its systems, including that it allegedly knew its advertised on-time, on-target and ready-to-launch had not undergone the stress tests needed to ensure it was up to handling trading in Facebook.The judge did not rule on the merits of the plaintiffs' surviving claims.He said the plaintiffs might amend their lawsuit with respect to claims not protected by SRO immunity.The case is In re Facebook Inc IPO Securities and Derivative Litigation, U.S. District Court, Southern District of New York, No. 12-md-02389. 

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