Facebook Asks Court to Consolidate IPO Shareholder Lawsuits
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Facebook Inc. asked a court to consolidate more than 40 shareholder lawsuits over the social networking company’s initial public offering last month.
Facebook, which has lost $22.5 billion in market value since its initial public offering, asked a multidistrict litigation panel yesterday to assign all of the federal cases to a judge in Manhattan, including 23 that were filed in New York and four filed in California.