Facebook sketches out IPO-mess defense; CTO departs
NEW YORK/SAN FRANCISCO (Reuters) – Facebook Inc , facing a raft of lawsuits from investors seeking to recoup losses from its botched IPO, laid out on Friday how cascading Nasdaq trading glitches might have stoked the confusion that marred its May 18 debut. The No. 1 social network and lead underwriters Morgan Stanley , Goldman Sachs Group Inc and JPMorgan Chase & Co have filed a motion requesting that dozens of shareholder lawsuits over its $16 billion initial public offering be grouped together in Manhattan federal court. . . .
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