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The hottest internet IPO of all time is going up in flames.
After a botched public trading debut, investors are slamming Facebook (Nasdaq: FB) and its underwriters with lawsuits.
A civil case filed in Manhattan federal court – one among many springing up nationwide – claims that the social media giant told analysts at the underwriting firms to lower their earnings and revenue projections at the very same time Facebook was talking up IPO shares across the country.
It also says the firms then shared that material information benefiting only select clients.
Facebook denied the charges in a statement.
More investor suits are expected to be filed within days. They’ll likely be rolled into one class action suit. If the claims are found to be true, Facebook and its underwriters could be on the hook for losses and damages in the billions.
Facebook stock is already down about 22% since its debut.