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 effect service.
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 Foods.
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.
For further information:
Tony Merchant and other lawyers from Merchant Law Group can also be contacted at (306) 539-7777 or (289) 398-7777.