Facebook Blames Nasdaq and Wants to Consolidate IPO Investor LawsuitsBy: Shawn Hess - June 15, 2012
The one month anniversary of Facebook’s much anticipated initial public offering is close at hand, and the social networking giant has yet to address investor concern or the countless lawsuits which have been filed against the Nasdaq, Mark Zuckerberg, or even Facebook itself.
According to what an inside source told the New York Times, Facebook intends to file a motion to consolidate all of the lawsuits regarding the IPO. They also plan to pass some of the blame off on the Nasdaq stock exchange. Facebook’s lead underwriters, Morgan Stanley, JP Morgan, and Goldman Sachs, plan to join the social networking site in this motion.
So while we wait to see what the lawsuits will bring, Facebook hasn’t been slacking. Just days after the IPO they continued their global expansion plans opening a new office in Dubai committed to serving advertising demands in the Middle East and North Africa.
Facebook also took action to address their shortcomings in the mobile advertising arena and made some much needed refinements to the platform. Even more important, ComScore released a new study that supports Facebook’s advertising model, claiming that exposure to branded advertising does indeed result in a significant lift when it comes time for consumers to purchase.
Also noteworthy, Facebook just took on a several interns and hired some new talent. In fact, it looks like they just filled about 25 positions and are still hiring. Inside Facebook published a list of new hires and another list featuring all the positions which have been taken down from their careers website, presumably already filled.
So it seems like things are going as expected for Facebook despite the slew of lawsuits and ongoing investigations. We’ll keep you informed as news becomes available about the IPO lawsuits and whatever else pops up.