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Facebook Goes on Defense Over Lawsuit

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  • Description

    FBN's Shibani Joshi on Facebook's statement on the lawsuit.

  • Duration 2:04
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Panetta and we have -- debit W -- Bonnie first reports -- -- Joshi contending team coverage of FaceBook should -- You just heard a spokesman for FaceBook.

Yes we have -- breaking details I've got some insight news from FaceBook and also a source close to FaceBook let's get the official statement from FaceBook regarding.

This New York class action lawsuit that has been filed against Mark Zuckerberg David -- men and Morgan Stanley.

Faced a going on the record in saying we believe that the lawsuit is without merit and -- defend ourselves vigorously.

Now in relation to out what is source close to FaceBook is telling me they believe that in regards to Morgan Stanley and the other analysts.

Which ratcheted down their forecasts -- believe that nothing was done outside and SEC parameter is said.

The legal issue is and not issue in this case.

That issues are getting confounded and -- -- -- that that yes there was a glitch on the NASDAQ with the execution.

And that -- to be sure but on the -- on the other side this issue about the retail investor.

Not getting a fair shake not getting fully informed they believe is a completely different issue this source telling me that any Smart retail investor.

Could have seen ES one could've seen in media reports in the same way they took the -- ratings all of the -- that -- you need it was putting out there regarding.

That FaceBook IPO that they could have read the reports and also been equally.

And formed again.

This source telling me that you can't Monday Morning Quarterback any of this certainly there were issues here.

But in regards to Morgan Stanley and a leading analysts going back to their analysts they were doing part of what is part at any normal IPO process.

In forming analysts have that again have the most accurate records possible the most accurate.

Models possible -- everything done within the letter of the SEC out legislation as regulations and a lot.

And that is what a source very close to FaceBook is telling me as -- -- face but again.

Defending itself against class action -- happening both in New York.

And in California and I will continue bringing guys updates as I get them all right -- -- a good job.

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