Shareholders sue Facebook, NYSE comes calling |


Facebook and its Wall Street advisers are being sued by investors claiming they were misled about the company's business prospects before its record flotation. The two lawsuits files on Wednesday followed reports that only major potential investors

After its $16-B IPO flopped, Facebook and its underwriters are sued by lawyers and investors.

Facebook was sued last year over "Sponsored Stories," which turned users' "likes" into ads that appeared on the social network's newsfeed. The program, introduced in January 2011, let advertisers take word-of-mouth recommendations and promote them.

By MarketWatch NEW YORK (MarketWatch) — And on the third day, the market wailed, the shares rose and the lawyers sued. So went the morning trading session on the Wednesday after Facebook-pocalypse. As the trading session reached the midway point,

Facebook and its Wall Street advisers are being sued by investors claiming they were misled about the company's business prospects before its record flotation. The two lawsuits files on Wednesday followed reports that only major potential investors

  • Facebook stock climbs, but company faces lawsuits
  • Facebook Stock: Lawmakers Question, Subpoena Facebook; Company, Underwriters Sued
  • Facebook stock price tanks, in 'illegal' IPO 'fraud'
  • Facebook stock still slipping as investors grow wary
  • Facebook stock continues to fall in third day of trading
  • Man Claims Role in Disappearance of Etan Patz, Police Say
  • As Facebook's Stock Struggles, Fingers Start Pointing
  • Facebook IPO: Now the work begins
  • Facebook IPO huge but no pop