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Volume over 300 million now.
Facebook sued for $15 billion over alleged privacy infractions
As Facebook prepares to start trading on the Nasdaq, a class-action lawsuit has been brought against it.
Law firm Stewarts Law US announced today that it has combined 21 privacy lawsuits against the social network into a single, class-action suit, charging the world's largest social network with violating user privacy by allegedly tracking their Web usage.
Stewarts Law is asking for $15 billion -- a sum it arrived at by calling on the U.S. Wiretap Act, which "provides statutory damages of the greater of $100 per violation per day, up to $10,000, per Facebook user," the law firm wrote in its suit, according to Bloomberg, which was first to report on the story.
For Stewarts, timing is everything. The law firm filed the lawsuit just hours before Facebook was set to offer its shares on Nasdaq for $38. Interestingly, the sum Stewarts and its plaintiffs are seeking -- $15 billion -- is just $1 billion shy of the cash Facebook will raise in its offering.
However, that damages amount could go up. In a statement to Bloomberg, David Straite, a partner at Stewarts, said his firm is "evaluating the way in which non-U.S. residents" could be added to the plaintiffs list
http://news.cnet.com/8301-1023_3-57437060-93/facebook-sued-for-$15-billion-over-alleged-privacy-infractions/?tag=mncol;txt
Volume over 300 million now.
a P/E ratio over 94. That's unheard of.
Well that band-aide won't work long term so if that's true you're right, the stocks gonna tumble
average lifecycle of social networking sites is not that long. i'd imagine that everyone will not still be on facebook in another 5 years. that isn't even taking into account the fact like dok said, even IF we could assume facebook will be around forever it still doesn't make enough money to be valued at 100b. i feel sorry for the suckers who hold on to this thing for very long.
ing casino.
Volume 340 million. Looks like it's gonna set a one day all time record at this rate.
Now it's market cap is at $112B
classic example of irrational exuberanceNow it's market cap is at $112B
Dropping back towards $40 again. Wanna bet it bounces back at $40.01?
LOL
Bounced like a ing basketball @ 40. Back over 41 in less than a minute.
dropping back towards $40 again...this is hilarious to watch. You can just see those underwriters in their New York skyscrapers screaming ! ! ! !
^it's their own dumbass fault for assuming that the people are even more stupid than they think they are
just sitting there bumping up and down just a hair over 40.
If it even makes it through the day over 40 I'll bet it opens down hard on Monday morning after everyone has time over the weekend to absorb what happened today.
LOL..it hit 40.01 for a second and immediately jumped to 40.5...then started sliding again.
This is awesome. I'm sure those underwriters are just praying for 4:00 to get here.
http://blogs.wsj.com/deals/2012/05/1...view_wsjlatest
Some asset managers responded to Facebook’s somewhat underwhelming debut Friday with disappointment following a historic run-up to the offering.
Michael Mullaney, vice president and chief investment officer for Boston-based Fiduciary Trust said his firm has $9.5 billion in assets under management, and primarily represents high net worth individuals. A handful of clients are interested in buying Facebook shares, including one who said he would buy in at any price. Mullaney opted not to put in an allocation order, and instead bought shares on the open market on Friday.
“If we did get one it would have been a small piece,” said Mullaney. “And then who would we give it to? Which one of our clients gets the shares? I’d rather trade it on the open market with every Tom, and Harry. It makes my life easier.”
On Friday at 1 p.m., Mullaney said in an email that he had received his shares at the price he liked, but considered the IPO “a dud.”
Ronald Coleman, head of research and ins utional equity of Columbus Advisors Group in Taunton, Mass., with $200 million in assets under management, said he put in an order two weeks ago for 75,000 shares of Facebook. On Thursday, he predicted that he would probably get just 1,000 or 2,000 shares, a fraction of what he asked for. He asked for far more than he expected to receive, a practice that has been common among money managers.
“This is a hot deal,” said Coleman. “If this were a weak deal, you would ask for what you want.”
But on Friday morning, just before the start of trading, Coleman learned he had not been awarded any shares. He said he believed other smaller investors – Coleman manages about $50 million in assets under management – also had been shut out.
“I’m disappointed, but not surprised,” he said.
Coleman thought he might buy in on the open market, but by 1 p.m. on Friday had changed his mind.“It’s a flop,” he said of the IPO. His target price was $50 to $55 a share. “I was looking for a 20% to 30% pop on day one, and you didn’t see that.”
He said he will spend the weekend re-evaluating to see whether he’ll buy in on Monday. “Long term, the model is still a good one, but the problem was they waited too long to go public,” Coleman said of Facebook.
Who in their right mind would want to invest in this?
Soon after they made privacy changes and announced the stock, I deleted my account. It's going to become as worthless as MySpace.
Just passed 400 million shares traded. The chart is hilarious. The underwriters must have a computerized buy order @ exactly $4.01...it's just bouncing along there...
This is fascinating. Every time it hits 40.01 there is an immediate 100,000 share buy.
I'm wondering when they are going to throw in the towel. I don't think they are gonna be able to hold it at $40.
rofl imagine whats gonna happen once the underwriters unload their shares and have no reason to keep bumping itdropping back towards $40 again...this is hilarious to watch. You can just see those underwriters in their New York skyscrapers screaming ! ! ! !
They have been price supporting since noon. They are probably on the hook for hundreds of millions right now.
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