Facebook is set to file a motion to consolidate all the
shareholder lawsuits against the social network site, and is expected to
place some blame on the Nasdaq for its botched IPO when it files the
motion, the New York Times reported Thursday.
The document, which
could be filed in the District Court for the Southern District of New
York as early as Friday, will provide some perspective on Nasdaq's role
on listing day and the effect the exchange's action had on the stock's
trading activity, the paper said, citing a person with knowledge of the
matter.
The lead underwriters for the initial public offering,
Morgan Stanley, Goldman Sachs and JPMorgan Chase, are also expected to
join the motion, the paper reported.
Nasdaq has been widely
criticized for poor communication during and after the Facebook IPO, the
most highly anticipated market debut in recent memory, and for failing
to apologize for the technical problems in the first hours of trading of
Facebook shares.
Officials at Facebook and Nasdaq could not be reached for comment outside usual business hours.
Copyright Thomson Reuters 2012
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