Facebook Faces New Lawsuit Over IPO

The social giant trouble seems not going to over anytime soon, as a new lawsuit related to Facebook IPO filed by investors claimed the company’s executives and its bankers misleading them by “selectively disclosing” material information about its revenue outlook. The lawsuit was filed Friday in U.S. District Court for Southern New York. On asking, in response to the legal action, a Facebook spokesperson told CNET, “We believe the lawsuit is without merit and will defend ourselves vigorously.”