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Facebook
FB investors and Nasdaq OMX Group
NDAQ have requested that a judicial panel separate their dispute from the dozens of other shareholder lawsuits relating to the social network's IPO.
According to
Reuters, investors first sued Nasdaq OMX Group for "negligently handling their orders for Facebook shares."
Reuters quoted the investors, who said, "When compared to the Nasdaq actions, the securities actions allege different claims based on different facts against different defendants on behalf of broader classes and are subject to different and unique pretrial procedures."
Goldman Sachs
GS, J.P. Morgan Chase
JPM, and Morgan Stanley
MS -- Facebook's lead underwriters
who were also sued -- wanted the lawsuits
to be grouped together.
These are not the only lawsuits Facebook has encountered this year. In March, the social media giant was sued by Yahoo!
YHOO for
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. Last month, Facebook paid $20 million to settle a "Sponsored Stories" dispute that
could have costed the company $100 million.
In addition to its lawsuits, Facebook has been struggling to maintain its position as a primary avenue for advertisers looking to hype new products and services. Ford
F and Coca-Cola
KOgave their support to the company; General Motors
GM recently dropped its advertisements from the social network.
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Posted In: NewsTopicsLegalTechGeneralFacebookGoldman SachsJPMorgan ChaseMorgan StanleyOMX GroupReutersSponsored StoriesYahoo!
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