Judge STRAUB dissents in a separate opinion. REENA RAGGI, Circuit Judge: On May 18, 2012, plaintiffs, the NASDAQ OMX Group, Inc. and the NASDAQ Stock Market LLC (collectively “NAS *1013 DAQ”), conducted the initial public offering (“IPO”) for Facebook, Inc. The IPO was one of the largest in history, with 421 million shares of Facebook common stoc…
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