[ by Melanie Gretchen ]

A Facebook shareholder is suing company CEO Mark Zuckerberg and others over its botched IPO.  What sets this lawsuit apart from others that were dismissed last year is that this shareholder has held Facebook stock since February 2012.  Previous complaints have been filed by people who acquired their shares through Facebook's May IPO.

In this latest case, Gaye Jones accuses company directors and officers of knowing that Facebook had not discloses its weaker revenue trends - i.e., its limitd ability to connect with mobile device users, whose numbers are expanding at a faster rate than those who access Facebook via desktop and office laptop computers.  

The complaint further noters that within the firm, information was selectively shared with the company's IPO underwriters and key investors.  Those directors and other defendants named in the suit should be ordered to disgorge the money they made from selling shares through the IPO - because they supposedly knew that the shares were overpriced.

"The defendants were unjustly enriched because they realized enormous profits and financial benefits from the IPO, despite knowing that reduced revenue and earnings forecasts for the company had not been publicly disclosed to investors."

Facebook responded,  saying the suit is without  merit and that the company will defend itself vigorously. The lawsuit is a derivative case, meaning that any money recovered from defendants through a settlement or judgment of the court would be paid to Facebook, not shareholders.  Defendants include IPO underwriters JPMorgan Chase, Morgan Stanley, and Goldman Sachs.

The case: Gaye Jones v. Mark Zuckerberg et al, Delaware Court of Chancery, No. 8375.

For further details, go to [Reuters, 3/5/13].