Bernstein Litowitz Berger & Grossmann LLP and Labaton Sucharow LLP Announce a Summary Notice of Pendency of Class Action in the In re Facebook, Inc., IPO Securities and Derivative Litigation

NEW YORK, Aug. 18, 2016 /PRNewswire/ --

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

NOTICE OF PENDENCY OF CLASS ACTION

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that the above-captioned action (the "Action") has been certified by the Court to proceed as a class action on behalf of the Class. 

The "Subclasses," as certified by the Court are:

You are a member of the Institutional Investor Subclass if (i) you were allocated Facebook Class A common stock in the Company's IPO and are listed on the underwriters' final allocation list of institutional investors, (ii) you purchased Facebook Class A common stock in the secondary market and are classified as an institutional investor under Financial Industry Regulatory Authority Rules 2210 and 4512, or (iii) your institutional investment advisor purchased your Facebook Class A common stock for you with full discretionary authority.

You are a member of the Retail Investor Subclass if you are not otherwise classified as an institutional investor and (i) you were allocated Facebook Class A common stock in the Company's IPO and are listed on the underwriters' final allocation list of retail investors, or (ii) you purchased Facebook Class A common stock in the secondary market and are classified as a retail investor under Financial Industry Regulatory Authority Rules 2210 and 4512.

Excluded from the Class/Subclasses are: Defendants; present or former executive officers of Facebook and their immediate family members; and the following investors: American Century Investment Management Inc.; Blue Ridge Capital, LLC; Capital Research and Management Company; Chilton Investment Company, LLC; Clovis Capital Management, LP; Columbia Management Investment Advisors, LLC; Fidelity Management and Research Company; Jennison Associates LLC; Ian DelBalso; Kingdon Capital Management, LLC; Loews Corp; Maple Lane Capital, LLC; Schroder Investment Management North America Inc.; Soros Fund Management LLC; Surveyor Capital; T. Rowe Price Distribution Group; Teachers Insurance Annuity Association of America; Turner Investments LP; Weiss Multi-Strategy Advisers LLC; Wellington Management Company LLP; and any other investors whose shares were purchased on their behalf by any of the excluded investors with full discretionary authority.  Also excluded from the Class is any person or entity that timely and validly requests exclusion from the Class.

The Subclasses are collectively referred to as the "Class." You are a member of the Class if you purchased or otherwise acquired Class A common stock during the period beginning with the Company's IPO, which occurred on or about May 17, 2012, through and including the close of trading on May 21, 2012, and were damaged thereby. 

You were not "damaged thereby" if you sold all of the Facebook Class A common stock that you purchased or otherwise acquired between May 17 and May 21, 2012 either (1) at a profit or (2) before the stock market closed on May 18, 2012.  Defendants also may argue that you were not damaged thereby if you only purchased Facebook stock after May 18, 2012, and Plaintiffs may oppose this argument.

IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THIS ACTION.  A Postcard Notice is currently being mailed to known members of the Class, and a full printed Notice of Pendency of Class Action is available at www.FacebookSecuritiesLitigation.com, or by contacting the Administrator:

In re Facebook, Inc., IPO Securities
and Derivative Litigation
c/o A.B. Data, Ltd.
P.O. Box 173007
Milwaukee, WI 53217
(866) 963-9974

If you did not receive the Postcard Notice by mail, and you are a member of the Class, please send your name and address to the Administrator so that if any future notices are disseminated in connection with the Action, you will receive them.

Inquiries, other than requests for the Postcard Notice, may be made to Class Counsel:

If you are a Class Member, you have the right to decide whether to remain a member of the Class.  If you choose to remain a member of the Class, you do not need to do anything at this time other than retain your documentation reflecting your transactions in Facebook Class A common stock in or traceable to the Company's IPO.  Please be sure to also retain any other documents (whether printed or electronic) that you have in your possession relating to the Facebook IPO, including media articles and emails you sent or received.  You will automatically be included in the Class and all orders or judgments in the Action will apply to you.  If you do not wish to remain a member of the Class, you must take steps to exclude yourself from the Class.  If you are a Class Member and do not exclude yourself from the Class, you will be bound by the proceedings in the Action, including all past, present and future orders and judgments of the Court, whether favorable or unfavorable.

If you ask to be excluded from the Class, you will not be bound by any order or judgment in the Action, but you will not be eligible to receive a share of any money which might be recovered for the benefit of the Class.  To exclude yourself from the Class, you must submit a written request for exclusion postmarked no later than October 3, 2016 in accordance with the instructions set forth in the full printed Notice.  Pursuant to Rule 23(e)(4) of the Federal Rules of Civil Procedure, it is within the Court's discretion whether to allow a second opportunity to request exclusion from the Class if there is a future settlement in the Action.  

Further information may be obtained by contacting the Administrator. 

Please Do Not Call the Court with Questions.

BY ORDER OF THE COURT
United States District Court
Southern District of New York

SOURCE Bernstein Litowitz Berger & Grossmann LLP and Labaton Sucharow LLP

Related Links

http://www.facebooksecuritieslitigation.com