A class-action lawsuit against Facebook Inc. led by the North Carolina Retirement Systems, Raleigh, and other public pension funds was certified by U.S. District Judge Robert Sweet in New York.
Mr. Sweet certified the class action Dec. 11, along with another one for retail investors, but he unsealed the opinion Tuesday.
The lawsuit alleges Facebook and its IPO underwriters withheld key information during the offering, leading to falling share prices.
In December 2012, Mr. Sweet appointed North Carolina, the Arkansas Teacher Retirement System, Fresno County Employees’ Retirement Association and Banyan Capital Master Fund as lead plaintiffs He also approved Labaton Sucharow and Bernstein Litowitz Berger & Grossmann as co-lead counsels for the class. In a joint statement, the law firms called the opinion “a significant victory for the integrity of our financial system. For our country’s initial public offering process to work efficiently, there must be accountability when the process is misused.”
