Facebook founder Mark Zuckerberg sees stock tumble amid IPO lawsuits


Facebook's founder, Mark Zuckerberg, has gone from hero to zero as the stockmarket flotation of the decade flounders amid lawsuits and accusations of greed, hype and deception.
The law firm that won a $7bn settlement for Enron's shareholders is pursuing Zuckerberg, his board and the long list of banks advising the company for making "untrue statements" about its financial performance.
Robbins Geller is bringing the second class action law suit in as many days against Morgan StanleyGoldman SachsBarclays and a host of Silicon Valley luminaries including PayPal guru Peter Thiel. A separate suit filed in California on Tuesday by investor Darryl Lazar claims that the social network's share prospectus contained "materially false and misleading statements".
The regulators are also closing in. Mary Schapiro, chair of America's main financial watchdog, the Securities and Exchange Commission, said: "I think there is a lot of reason to have confidence in our markets and in the integrity of how they operate, but there are issues that we need to look at specifically with respect to Facebook."

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