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See the best of Reuters photography. See more | Photo caption Maxim Hot 100 The world's most beautiful women as chosen by Maxim readers. Slideshow Joplin, one year after May 22 marks the one year anniversary of a deadly tornado that ripped through Joplin, Missouri, killing 161 people. Slideshow Facebook, banks sued over pre-IPO analyst calls Tweet Share this Email Print Related News Facebook told analysts to cut forecasts before IPO 11:02am EDT Needham starts Facebook with buy, $40 price target 10:29am EDT Analysis & Opinion The Facebook earnings-forecast scandal China diversified dot-coms avoid Facebook pitfalls Related Topics Tech » Money » Media » Facebook » Related Video U.S. Morning Call: Facebook talked itself down-sources 7:57am EDT Facebook’s intrinsic value: $9.59 per share - Investing 201 In this photo illustration, a Facebook logo on a computer screen is seen through glasses held by a woman in Bern May 19, 2012. Picture taken May 19, 2012. Credit: Reuters/Thomas Hodel Wed May 23, 2012 11:02am EDT (Reuters) - Facebook Inc and banks including Morgan Stanley were sued by the social networking leader's shareholders, who claimed the defendants hid Facebook's weakened growth forecasts ahead of its $16 billion initial public offering. The defendants, who also include Facebook Chief Executive Officer Mark Zuckerberg, were accused of concealing from investors during the IPO marketing process "a severe and pronounced reduction" in revenue growth forecasts, resulting from increased use of its app or website through mobile devices. Facebook went public last week. The lawsuit was filed in U.S. District Court in Manhattan on Wednesday, according to a law firm for the plaintiffs. A day earlier, a similar lawsuit by a different investor was filed in a California state court, according to a law firm involved in that case. In the New York case, shareholders said research analysts at several underwriters had lowered their business forecasts for Facebook during the IPO process, but that these changes were "selectively disclosed by defendants to certain preferred investors" rather than to the public generally. "The value of Facebook common stock has declined substantially and plaintiffs and the class have sustained damages as a result," the complaint said. Representatives of Facebook and Morgan Stanley did not immediately respond to requests for comment. Facebook shares fell 18.4 percent from their $38 IPO price in the first three days of trading, reducing the value of stock sold in the IPO by more than $2.9 billion. (Reporting by Dan Levine in San Francisco and Jonathan Stempel in New York; Editing by Gerald E. 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For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (6) sjtom wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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