Facebook, Zuckerberg, banks must face IPO lawsuit – judge

December 18, 2013

Tom Dubbs looks forward to proceeding with the Facebook case after motion to dismiss was denied

The lead plaintiffs are represented by the law firms Bernstein Litowitz Berger & Grossmann, and Labaton Sucharow.

Both firms "are quite pleased with the thorough and detailed opinion by the court," said Thomas Dubbs, a Labaton Sucharow partner, in a phone interview. "We look forward to prosecuting this action vigorously."

Dubbs said U.S. securities laws allow damages to be pursued by IPO investors who sold shares at a loss, as well as by investors who held on while the share price remained below what it would have been absent the alleged violations.