Livewire Facebook: Lawsuit Over IPO ‘Without Merit’ by David Taintor 05.23.12 | 9:11 am 1 Facebook released the following statement after shareholders sued the company over its initial public offering: “We believe the lawsuit is without merit and will defend ourselves vigorously.” Via CNBC. Send Tips David Taintor is a New York-based senior editor who oversees breaking news coverage. He previously worked at NBC News.