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Judge Robert W. Sweet consolidated the 41 class actions into two sets of cases--one against Facebook and one against Nasdaq--appointing lead plaintiffs and lead counsels for each. The 41 cases were transferred to the Southern District in October by the Judicial Panel on Mutlidistrict Litigation.
The NASDAQ Actions, filed on behalf of retail investors, alleged that the orders to purchase or sell Facebook stock were not properly administered as a result of technological issues that NASDAQ experienced on the day of the IPO, thereby resulting in monetary damages.
Specifically, the NASDAQ Actions are comprised of: one class action asserting that NASDAQ made material misrepresentations and omissions about the capability of its trading platform technology; and nine class actions alleging state law negligence claims over technical problems. Further, several of the Securities Actions and the NASDAQ Actions additionally asserted derivative actions against directors of Facebook for allegedly breaching various duties to shareholders.
Next, despite the differences in the theories of liability asserted against NASDAQ, the court consolidated the 10 class actions. The court reasoned that all claims asserted against NASDAQ arise out of the same operative facts involving the same group of defendants and class of investors, all seeking recovery of the alleged monetary losses.
As the lead plaintiffs of the NASDAQ Actions, the court appointed the “NASDAQ Claimant Group,” comprised of First New York Securities LLC, T3 Trading Group LLC, and Avatar Securities LLC. To represent the NASDAQ Actions plaintiffs, the court appointed Entwistle & Cappucci LLP, New York.
A pre-trial conference is scheduled for Jan. 23, 2013.
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