When
people thought about how they expected the Facebook IPO to go this probably
wasn’t the future they saw. Numerous
problems have collided into a major legal storm, with what seems like everyone
involved suing everyone else.
Facebook,
it’s officers, and its underwriters (including JPMorgan Chase & Co , MorganStanley, and Goldman Sachs Group ) are being sued by various plaintiffs who
allege that Facebook’s financial outlook and projections were withheld from all
but very important people. NASDAQ is
being sued because trading was obstructed, with many investors unable to
confirm that their trades had gone through successfully. Defendants are also being investigated by
government officials who are looking into the snafu.
As far
as Facebook is concerned, this legal mess is a disaster. But there is one winner in all of this: law
firms.
“Nothing
is better than a wealthy client with gobs of money to spend on lawyers,” said
former lawyer and partner with Blackrobe Capital Partners John Coffey.
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