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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.

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Facebook's rise to cyber-domination amounts to the biggest online success story of the 21st century thus far, and on Wednesday the social networking behemoth took it up another notch by filing for what could be the most massive Internet initial public offering ever.

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