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Facebook agrees to pay $35M to settle IPO-related lawsuit

Facebook Inc. agreed to pay $35 million to settle a securities class-action lawsuit that accused the social networking giant of misleading investors in its 2012 initial public offering.

The plaintiffs, including Arkansas Teacher Retirement System, Fresno County Employees' Retirement Association and Banyan Capital Master Fund Ltd., on Feb. 26 filed a preliminary settlement agreement with the U.S. District Court for the Southern District of New York.

In the lawsuit, the plaintiffs had alleged Facebook learned but did not disclose a negative impact on Facebook's advertising business prior to its May 17, 2012, IPO.

Nasdaq Inc. in April 2015 agreed to pay $26.5 million to resolve claims that it misled investors in the Facebook IPO.