IN RE FACEBOOK, INC.

Docket Nos. 14-1445, 14-1309, 14-1784, 14-632, 14-1788.

797 F.3d 148 (2015)

In re FACEBOOK, INC., INITIAL PUBLIC OFFERING DERIVATIVE LITIGATION.

United States Court of Appeals, Second Circuit.

Decided: July 24, 2015.


Attorney(s) appearing for the Case

Geoffrey M. Johnson , Scott + Scott LLP, Cleveland Heights, OH, (with Joseph P. Guglielmo , Scott + Scott LLP, New York, New York and Thomas McKenna and Gregory M. Egleston , Gainey McKenna & Egleston, New York, New York, on the brief) for Appellant-Cross-Appellee Lidia Levy.

Andrew S. Love , Robbins Geller Rudman & Dowd LLP, San Francisco, CA, (with Joseph David Daley , Robbins Geller Rudman & Dowd LLP, San Francisco, CA, Samuel H. Rudman , Robbins Geller Rudman & Dowd LLP, Melville, New York, and Paul A. Fioravanti, Jr. , Prickett, Jones & Elliott, P.A., Wilmington, DE, on the brief) for Appellants Gaye Jones and Holly McConnaughey.

Brian P. Murray , Glancy Binkow & Goldberg LLP, New York, New York (with Gregory B. Linkh , Glancy Binkow & Goldberg LLP, New York, New York, Mark R. Rosen , Barrack, Rodos & Bacine, Philadelphia, PA, Fred T. Isquith , Wolf Haldenstein Adler Freeman & Herz LLP, New York, New York, and Richard S. Wayne , Strauss & Troy, Cincinnati, OH, on the brief) for Appellant Robert Crocitto.

Andrew B. Clubok , Kirkland & Ellis LLP, New York, New York (with Brant W. Bishop, P.C., Kirkland & Ellis LLP, New York, New York, Susan E. Engel , Kellen S. Dwyer , Kirkland & Ellis LLP, Washington, D.C., Richard D. Bernstein , Elizabeth J. Bower , Willkie Farr & Gallagher LLP, Washington, D.C., and Tariq Mundiya , Todd G. Cosenza and Sameer Advani , Willkie Farr & Gallagher LLP, New York, New York, on the brief), for Appellee-Cross-Appellant Facebook, Inc. and Appellees Marc. L. Andreessen, Erskine B. Bowles, James W. Breyer, David A. Ebersman, Donald E. Graham, Reed Hastings, Peter A. Thiel, Mark E. Zuckerberg, Sheryl Sandberg, Cipora Herman, David Spillane, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Goldman, Sachs & Co.

James P. Rouhandeh , Charles S. Duggan , Andrew Ditchfield , Davis Polk & Wardwell LLP, New York, New York, for Appellees Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Goldman, Sachs & Co.

Before: JACOBS, POOLER, and HALL, Circuit Judges.


These in tandem appeals arise from related suits brought in the aftermath of the initial public offering by nominal defendant Facebook, Inc. ("Facebook"), the world's largest social media company. In these putative shareholder derivative actions, plaintiffs allege that Facebook's directors breached duties owed to the...

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