Facebook Wins Ruling in Shareholder Case

Facebook Inc., facing multiple shareholder lawsuits related to its botched initial public offering, scored an initial legal victory when a federal judge in New York Wednesday dismissed a group of cases against the social networking company.

Last year, several Facebook investors sued the company, arguing that Facebook — which had shared internal financial forecasts with certain analysts before the IPO — was also obligated to disclose those projections in regulatory filings.

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