A former Chairman of the the Advisory Board of a professional mutual fund pleaded guilty today in federal court to a series of charges in a $13 million conspiracy to defraud in investors by falsely claiming that Praetorian Global Fund Ltd. privately owned pre-IPO Facebook and Groupon stock before each…
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In a Solomonic ruling, Manhattan Supreme Court Justice Manuel Mendez recently denied a defendants' sweeping Notice to Admit social media account postings by a personal injury plaintiff in Carr v. Bovis Lend Lease (read the decision below). In New York, unless a party objects to another's pre-trial Notice to Admit,…
Last week, Sprint filed several requests for the issuance of subpoenas in the U.S. District Court for the Northern District of California. The purpose of the subpoenas, according to the declarations accompanying them, is to reveal the identity of one who identifies him/herself as a 'mole' or insider in the…
Today U.S. Magistrate Judge Leslie Foschio warned that the court is "more than suspicio[us] that" plaintiff Paul Ceglia" filed no less than five (5) motions against Facebook and CEO Mark Zuckerberg, in his lawsuit claiming a fifty-percent (50%) ownership of the company, "solely to unreasonably and vexatiously multiply the proceedings."…
Facebook faces a lawsuit by new shareholders in the social networking company, filed less than a week after its IPO. The shareholders allege that Facebook misled them by filing untrue statements in legal filings with the S.E.C., failed to prevent such statements from being misleading, and did not properly prepare…
That didn't take long. A class action lawsuit was filed yesterday against NASDAQ by an individual investor accusing the stock exchange of botching his Facebook stock (FB) orders on the day of the IPO. Plaintiff Phillip Goldberg alleges that he "placed purchase and cancellation orders for Facebook’s stock that NASDAQ…
Facebook's IPO on Friday brought with it problems for NASDAQ. The exchange's CEO Robert Greifeld acknowledged that NASDAQ had a host of trading glitches on the day of the IPO, including a foul-up with the trading system's ability to handle order cancellations. Now, NASDAQ's admission of its Facebook faux pas…
Facebook filed its Amended S-1 Registration Statement (read it below) with the SEC today, a little more than two weeks before the social media company's IPO. The company, whose NASDAQ ticker symbol will be 'FB' estimates "the initial public offering price will be between $28.00 and $35.00 per share." That…
Facebook's and Mark Zuckerberg's lawyers told a federal court yesterday that convicted felon Paul Ceglia's latest discovery requests should be put on hold, and that Ceglia's lawsuit claiming a fifty-percent (50%) ownership stake in Facebook should be dismissed. Lawyers at Gibson Dunn were emphatic that the court should not "perversely…
Facebook filed its answer and counterclaims against Yahoo! today in the Silicon Valley patent battle between the social networking giant and the fading portal. Yahoo filed its patent lawsuit three weeks ago, and Facebook fired back a salvo of patent infringement counterclaims right back at the portal. Facebook claims that…