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Attorney Michael Goldberg on the lawsuit by some Facebook shareholders against the social networking company.
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Answers share roller shareholders are demanding retribution.
And I never guess he's representing some of them he's attorney Michael Goldberg he's representing investors.
Suing.
Over FaceBook he -- -- -- followed since certain what are what are grants for -- lawsuit against this situation with FaceBook.
Yet outburst was thank you for having me I'm here -- are the ground for our I bought against bait -- I'm beat out this year holders is that.
There wasn't disseminate -- -- material information.
To only certain investors client.
I'd be underwriters.
And not -- in the public.
At whole.
You're talking about the how the underwriters meeting Morgan Stanley JPMorgan Chase.
And Goldman Sachs got information ahead of time that you know what Facebook's earnings weren't going to be so hot -- whether this.
That that's absolutely correct and that the problem on several fronts.
Our first of all operated a huge problem.
For our shareholders our state -- and secondly is the problem we're shareholders in general.
You learned that Wall Street it's playing.
I -- where would be.
That for political private investors.
Have specific information that the rest of there's small investors are not.
A payment.
You know Michael that that Eliot Spitzer when he was attorney general for -- -- New York State he got a settlement with -- I covered the settlement.
And basically what we're you're talking about the grand -- see you know what you may not have a case -- -- not illegal.
For -- -- Wall Street firms to verbalize.
Their information for talk to talk to FaceBook.
And have -- -- -- back to them.
The loophole in the settlement was either could not put it in writing -- could've put it in a research report.
It could not put it in an email you worried that the Spitzer settlement may -- York's lawsuit to smithereens.
You know not at all we feel very strongly that when -- Week -- -- that there -- a huge problem here and that is its active dissemination.
And -- earnings forecast but -- material information and I'm especially when they are prepared by analysts who have privilege.
-- at that the company manage this.
And lead underwriters on the -- Beat analysts' would have much better information about the copy and anyone else so the fact that the -- is suddenly.
Cut their earnings forecast and then this information is not a bad -- -- brought it public event you'd.
Bob I -- just say it may be more sleazy -- illegal but we're gonna be watching your -- that very closely Michael Michael Burke.
We really appreciate appreciate you coming on sir thank you so much your time thank you yeah.
