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‘NYT’: Facebook Using Legal Motion for IPO Damage Control

Facebook has filed a motion to bring all of the shareholder lawsuits stemming from its botched IPO (about 40 of them) to just one judge. In the process, The New York Times’ Dealbook blog says the company is using the motion as an opportunity to counter the bad buzz from the opening day.

“The company seems to be using the motion to address some of the negative publicity cast on it about the I.P.O. by arguing that it disclosed everything it should have to investors, and the party really responsible for the precipitous drop in its share price was Nasdaq,” the site writes.

The motion goes on to pin the blame for the IPO disaster on the Nasdaq, which has already offered its apologies and $40 million to make amends.

The Dealbook story goes on to add the Nasdaq’s options for responses in the context of the relationship the exchange will have with its big-name client going forward.

“This is a delicate issue because Nasdaq wants to keep the company’s listing while preserving its legal position, so the response to the motion will have to be artfully drafted,” the article says.

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