Suing Facebook? Best of Luck.
By Wednesday, after just three days of trading, several lawsuits had been filed against Facebook complaining about the adequacy of its prospectus disclosure. However, at least so far, there is no indication that anything is wrong with that prospectus.
It is true that much has been made (including by me) of reported changes made by certain research analysts in their estimates of future performance. Let’s come back to that after we look at the facts on the prospectus.
