TORONTO, June 8, 2012 /CNW/ - A Canada wide class action against
Facebook has been launched asserting that Facebook's banks worked
hand-in-hand with Facebook to distribute incomplete and inaccurate
financial information to all but a few preferred investors with respect
to Facebook's recent IPO. "If that's not taking advantage of helpless
shareholders, then I don't know what is" said Tony Merchant, Q.C.
"The civil liability provisions of the Canadian Securities legislation
are intended to empower investors, whose access to truthful corporate
disclosures is subject to the whims of those disseminating the
information. Facebook's IPO was a debacle but the people will now have
their day in Court, armed with the protection afforded to them by the
Securities Acts", Tony Merchant said.
Tony Merchant further stated, "Canadian investors are especially
vulnerable to losses from this type of asserted wrongdoing and
unfortunately for many Canadian investors, they not only suffer losses
on their investments, they also miss out on active participation in the
prosecution of US Securities Actions. Here, shareholders have a unique
opportunity to recover lost monies and to provide a viable means of
obtaining important corporate governance reforms to enhance investor
protection going forward."
"Implicitly, these claims advance that Facebook leadership was too
greedy for their own good," said Tony Merchant.
Claims will be issued across Canada. A claim has been issued in
Saskatchewan and another will be filed in Ontario this coming Monday. A
Merchant Law Group representative is in California to immediately
Merchant Law Group LLP has twelve offices across Canada, from Montreal
to Victoria. Tony Merchant and Merchant Law Group LLP are well known
for their involvement in mass and class action cases in Canada, which
include claims involving Kinross Gold, Residential Schools, Cellular
System Access Fees, Hollinger, Quebec gas manipulation, and Maple Leaf
Anyone who believes they may be eligible to participate in this class
action should provide their contact information online at http://merchantlaw.com/classactions/facebook_securities.php.
SOURCE Merchant Law Group
For further information:
Tony Merchant and other lawyers from Merchant Law Group can also be contacted at (306) 539-7777 or (289) 398-7777.