Facebook Founder Mark Zuckerberg Sued By Shareholders Over IPO

Facebook founder Mark Zuckerberg has been sued by the social media network's shareholders over its disastrous IPO. The lawsuit accuses Mr Zuckerberg, Facebook and several banks led by Morgan (KOSDAQ: 019990.KQ - news) Stanley (Berlin: SYC.BE - news) of hiding the company's weakened growth forecasts ahead of its $16bn initial public offering. The defendants are claimed to have concealed from investors during the IPO marketing process "a severe and pronounced reduction" in Facebook revenue growth forecasts. The news comes as Morgan Stanley (EUREX: DWDF.EX - news) , the bank in charge of the IPO, is being investigated over possible securites fraud.