Facebook, its CEO and several banks must face a lawsuit over alleged misleading of investors ahead of the company's initial public offering, a judge has ruled.
Mark Zuckerberg and dozens of banks are accused of misleading investors about the social media company's financial condition before its $16bn IPO in May 2012.
In a decision made public on Wednesday, US District Judge Robert Sweet said investors could pursue claims that Facebook omitted material information from its registration statement.
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, Judge 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.
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