Facebook, Zuckerberg, Morgan Stanley Sued Over IPO

Shareholders have sued Facebook and CEO Mark Zuckerberg over the company’s bungled IPO, charging they hid bearish forecasts prior to going public.

The suit, filed Wednesday morning in the U.S. District Court in Manhattan by the Brian Roffe Profit Sharing Plan, Jacob Salzmann and Dannis Palkon, charges that Facebook and its lead underwriter concealed “a severe and pronounced reduction” in Facebook revenue growth forecasts before the company’s shares were offered to the public.

Among the highlights:

“The true facts at the time of the IPO were the Facebook was then experiencing a severe and pronounced reduction in revenue growth due to an increase of users of its Facebook app or website through mobile devices rather than a traditional PC such that the Company told the Underwriter Defendants to materially lower their revenue forecasts for 2012. And, defendants failed to disclose that during the roadshow conducted in connection with the IPO, certain of the Underwriter Defendants reduced their second quarter and full year 2012 performance estimates for Facebook, which revisions were material information which was not shared with all Facebook investors, but rather, was selectively disclosed by defendants to certain preferred investors and omitted from the Registration Statement and/or Prospectus.”

Mark Zuckerberg Gets Married With Hisgirlfriend

In a surprise ceremony, Facebook CEO and founder Mark Zuckerberg married his longtime girlfriend, Priscilla Chan, in a private wedding at his home in Palo Alto, Calif. on Saturday.

Zuckerberg, who just became a billionaire as a result of the Facebook IPO on Friday, reportedly placed a ring on his wife’s finger during the ceremony — the ring, said to be designed by Zuckerberg himself, was described as featuring a “very simple ruby.”

According to the Associated Press, Zuckerberg’s marriage to Priscilla Chan took place in front of about 100 invited guests who thought they were celebrating Ms. Chan’s medical school graduation. It all happened in Zuckerberg’s backyard.

Take a look at Zuckerberg’s personal page on Facebook, and you’ll see the above picture, which Zuckerberg reportedly placed onto his own site as a change of his status after the ceremony.

The couple met while both were attending Harvard, and have been together for nine years.