News Summary: Facebook suggests Nasdaq to blame

Associated Press Published: June 15, 2012

THE BLAME: Facebook is suggesting that trading problems at the Nasdaq Stock Market contributed to a sharp drop in the company's stock price after its initial public offering.

THE DEFENSE: Facebook and the banks overseeing the IPO, which face lawsuits from disgruntled shareholders, insist that nothing about its IPO process was illegal or even out of the ordinary.

THE PROCEDURES: Facebook and the banks are seeking to combine the more than 40 federal and state lawsuits around the country into one federal case in New York.


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