FACEBOOK Inc (NASDAQ:FB) and its other rivals are embroiled in a series of court cases over its $16 billion initial public offering that can come down to almost one thing: the lawsuits should be ruled in a New York court.
At a trial on Thursday, lawyers for both sides asked a legal panel to combine together other lawsuits versus the social networking firm in a Manhattan federal court. The board made no direct ruling, but did not inquire the idea of pooling the cases in New York.
In almost 33 lawsuits demanding class-action status, Facebook (FB) investors have demanded courts to charge the firm and its underwriters guilty for causing them damages in the IPO in May.
Investors said that they lost money because of technical faults on the NASDAQ stock market and blamed the firm for selectively revealing unflattering information regarding its business future to Wall Street experts who then shared it with other investors.
Meanwhile, shares of Facebook Inc (NASDAQ:FB) plunged 0.70 cent or -3.01% to close at $22.59. The company’s sales were 4.33 billion with net income of 383.00 million.
Facebook’s stock rose during the trade to its maximum level of $23.24 and during the session traded at the lowest level of $22.54 after an opening price of $23.02. The social networking firm NASDAQ:FB has earnings per share of $0.18 while it has 2.14 billion shares outstanding with institutional ownership of 67.97%.
In other updates, Atmel Corporation (NASDAQ:ATML) plunged -1.85%, Agilent Technologies Inc. (NYSE:A) decreased -1.63%, Analog Devices, Inc. (NASDAQ:ADI) moved down -1.00%, Intersil Corp (NASDAQ:ISIL) edged down -0.66%, BroadVision, Inc. (NASDAQ:BVSN) rose 3.09%, Compuware Corporation (NASDAQ:CPWR) traded flat at $10.10, Intuit Inc. (NASDAQ:INTU) rose 0.32% and Finisar Corporation (NASDAQ:FNSR) plummeted -5.63%.