Botched Facebook IPO Spawns Botched Lawsuit With Wrong Plaintiff

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A law firm hoping to win the “race to the courthouse” by filing the first lawsuit relating to the Facebook IPO made it to the courthouse TOO early, filing their suit before they were authorized to by a client (who discovered online that they’d file on his behalf).  The firm was able to retract the suit in the hopes of reviving it when they find a client to act as lead plaintiff.