Facebook Shares Slip Below $30 Amid Probe of IPO
Days after a law firm launched a class-action lawsuit on behalf of investors against Facebook and its bankers, alleging that certain investors were given preferential treatment, Facebook’s shares dipped during Tuesday's trading to near $29, more than 20% under its IPO price.
Days after a law firm launched a class-action lawsuit on behalf of investors against Facebook and its bankers, alleging that certain investors were given preferential treatment, Facebook’s shares dipped during Tuesday’s trading to near $29, more than 20% under its IPO price. –ARK
Your support matters…The Guardian:
The share sale has proved a disaster for Facebook and its bankers. US authorities are investigating allegations that the company gave critical information to some investors and not others. Shareholders have launched class action lawsuits against founder Mark Zuckerberg, the company and its bankers, including lead bank Morgan Stanley.
Walter Zimmermann, senior technical analyst at United-ICAP, said there was plenty of evidence that the stock could fall further. He said the share sale had represented “a mania of historic proportions”.
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
Editorial Cartoons
Technology
A new study by Consumer Reports looks at who is sending information about your online activity to Facebook.
Technology
Information on people’s menstrual cycles is part of the kinds of datasets that are shared and sold to advertisers.
World
A new lawsuit claims the tech giant has failed to moderate harmful content that incites violence in Africa.
In a private Facebook group, firefighters and paramedics shared memes and conspiracy theories doubting the pandemic, raising concerns that they aren’t taking precautions to protect themselves and others.
Here’s how to effectively counteract the forces of corporate capitalism.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.