Facebook sinks

By Joni_78
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Grand Master

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Facebook, banks sued over pre-IPO analyst calls

(Reuters) - Facebook Inc and banks including Morgan Stanley were sued by the social networking leader's shareholders, who claimed the defendants hid Facebook's weakened growth forecasts ahead of its $16 billion initial public offering.

The defendants, who also include Facebook Chief Executive Officer Mark Zuckerberg, were accused of concealing from investors during the IPO marketing process "a severe and pronounced reduction" in revenue growth forecasts, resulting from increased use of its app or website through mobile devices. Facebook went public last week.

The lawsuit was filed in U.S. District Court in Manhattan on Wednesday, according to a law firm for the plaintiffs. A day earlier, a similar lawsuit by a different investor was filed in a California state court, according to a law firm involved in that case.

In the New York case, shareholders said research analysts at several underwriters had lowered their business forecasts for Facebook during the IPO process, but that these changes were "selectively disclosed by defendants to certain preferred investors" rather than to the public generally.

"The value of Facebook common stock has declined substantially and plaintiffs and the class have sustained damages as a result," the complaint said.

Representatives of Facebook and Morgan Stanley did not immediately respond to requests for comment.

Facebook shares fell 18.4 percent from their $38 IPO price in the first three days of trading, reducing the value of stock sold in the IPO by more than $2.9 billion.

(Reporting by Dan Levine in San Francisco and Jonathan Stempel in New York; Editing by Gerald E. McCormick and Lisa Von Ahn)

Grand Master

zeta_immersion

Posted
Posted

give it some time, I am sure before they release expected revenue or whatever it is called things will change. Comparing Google to Facebook is insane, 2 totally different businesses and not even remotely similar.

People are making too much of a fuss about it because they were expecting a quick buck but in reality have lost those quick bucks (billions of them) ....

Grand Master

Joni_78

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It's been trading stable at about ~$32 all day so either that's where it's gonna be or some people still thinking they are gonna score big.

http://data.cnbc.com/quotes/FB

Live streaming stock quotes there.

That was because analysts on one investment bank rated Facebook's stock a buy yesterday.

http://in.reuters.co...E84M0DM20120523

Grand Master

neufuse Veteran

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So what happens if the facebook stock jumps to 40, and those people suing are actually making money on the facebook stock what then?

a lot of those people probably ditched their stock when it started to go down in a panic, seen that happen a lot! no one things about long term, heck *IF* facebook offered a dividend, you could make all that money back potentially if not more... but the average user doesn't know sock, and doesn't think about it right

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Alwaysonacoffebreak

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99% of the people here have zero understanding of the stock market. And I suggest those people keep their noses out of it unless they intend on investing or considering investing into stock in the foreseeable future. But even then, stop posting no-news posts before you have researched and understood how things work.

And you do? Give me a break. I'll rather buy more Nokia stocks for myself before I'll ever spend a penny on Facebook stocks. You're not the only one who owns stocks and knows how it works, clearly you think you are, sorry to burst your little pink bubble.

Grand Master

Astra.Xtreme

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Yup, it's inevitable. The reason it's not happening faster is because they don't really have a close competitor. Twitter could maybe take off if they added something interesting besides celebrity stalking.

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