In the Wednesday ruling, Judge Robert Sweet of the U.S. District Court for the Southern District of New York also agreed with Facebook's claims that the plaintiffs could not prove that they owned Facebook stock at the time of the alleged wrongdoing.
The lawsuits and other still remaining alleged that analysts at large underwriting investment banks cut their financial forecasts for Facebook just before the IPO and told only a handful of clients. Facebook and the banks say nothing about its process was illegal.
Facebook says it is pleased with the ruling.
- Off the Wire: Woman, 104, forced to lie about age on Facebook 2/21/13
MORE HBJ HEADLINES
Pregnancy is a shared experience in Providence program Boeing seeks revised schedule for $51 billion tanker development 9:33 a.m. Author offers advice on making self-publishing work Briefs: Economic Alliance Snohomish County hosts reception with public officials Smartphone warranty: Should you buy or balk? Amazon, Google, Sony go to war over tiniest spot in your living room
Our new comment system is not supported in IE 7. Please upgrade your browser here.