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The lead plaintiffs have been named in suits against Facebook Inc (NASDAQ:FB)’s and NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) in connection with the social media giant’s initial public offering earlier this year.
The judge consolidated the 42 cases facing Facebook Inc (NASDAQ:FB) and selected a plaintiff group to lead 31 of those cases. Facebook faces allegations of securities violations after investors claim the social media site misrepresented its finances prior to the IPO. The company made its IPO at $38 per share, and that price fell by as much as 50 percent. Today, shares of Facebook are trading just under $28 per share.
According to Reuters, the lead plaintiff group includes the Arkansas Teacher Retirement System, Banyan Capital Master Fund Ltd., Fresno County Employees’ Retirement Association, and the North Carolina Retirement Systems. As a group, these organizations losses add up to $7.1 million.
Reuters also reports that the lead plaintiffs in the case against NASDAQ OMX Group, Inc. (NASDAQ:NDAQ)would be Avatar Securities LLC, T3 Trading Group PPC and First New York Securities LLC. Among the three of them, they traded a total of $316 million worth of Facebook stock on the day of its IPO. Investors sued NASDAQ OMX Group, Inc. (NASDAQ:NDAQ)after accusing it that buy and sell orders for shares of Facebook were not executed properly on the first day the company’s stock was offered.
Although Facebook Inc (NASDAQ:FB) has previously defended its actions prior to its IPO, it had no comment on the suits Thursday. NASDAQ has chosen not to comment on the suits.