Chris Keller, a securities lawyer and partner at Labaton Sucharow, says the case against Facebook and its underwriting team is likely to cause serious legal problems. "It's a big case and a fairly strong case," says Keller. "Clearly, underwriters here crossed the line. They had a clear obligation not to disclose the information (selectively). They should have put out a written statement, and they didn't do that. They knew the information in the (final filing documents) was not good enough and knew it was false. The facts being reported are clear-cut and make for a strong and compelling case. These companies will be in hot water for awhile."
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