As I told you yesterday, it is ON.
SAN FRANCISCO (MarketWatch) -- Facebook Inc. and the lead underwriters of its inital public offering were sued on Wednesday in a federal district court in New York. The class-action lawsuit accuses the company of "false and misleading representations and ommissions" made in the process of its IPO roadshow. The complaint specifically points to news reports that Facebook's lead underwriters -- Morgan Stanley, Goldman Sachs and J.P. Morgan -- cut back their revenue forecasts for Facebook during the roadshow, which was only shared with a limited number of clients. A representative for Facebook could not be reached for immediate comment. Facebook shares were up nearly 4% to $32.21 on Wednesday morning.
