United States Second Circuit

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In re Facebook, Inc. IPO Derivative Litig., 14‐1445

In consolidated putative shareholder derivative actions brought against Facebook, its directors and lead underwriters, in the aftermath of its initial public offering (IPO), alleging breached duties because its Registration Statement failed to disclose the mid‐quarter impact of mobile usage on the company's projected growth, the district court's dismissal of the actions is affirmed where under Rule23.1, there was a lack of contemporaneous share ownership, and all of the putative derivative plaintiffs failed to satisfy this pleading requirement.

Appellate Information

  • Decided 07/24/2015
  • Published 07/24/2015

Judges

  • Jacobs

Court

  • United States Second Circuit

Counsel