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Panel: Lock-Up Agreements Don’t Render Underwriters, Shareholders A Group

Mealey's (November 4, 2016, 1:50 PM EDT) -- NEW YORK — Standard lock-up agreements in the initial public offering (IPO) for Facebook Inc. between lead underwriters of the IPO and pre-IPO shareholders are not sufficient, alone, to render those parties a group under federal securities law, a Second Circuit U.S. Court of Appeals panel ruled Nov. 3 (Robert Lowinger, et al. v. Morgan Stanley & Co. LLC, et al., No. 14-3800, 2nd Cir.; 2016 U.S. App. LEXIS 19887).

(Opinion available.  Document #57-161121-039Z.)

Investor Robert Lowinger filed a securities class action complaint in the U.S....
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