Regular readers of the Simply-docs blog will be aware that, following the huge build up to its flotation (see Simply-docs blog entry of 15th May 2012), shares in Facebook have tumbled from their opening price of $38/share on Friday 18th May 2012. By the end of trade on Tuesday 29th May, shares in the social media giant had lost almost a quarter of their initial value, dipping below $29.
In the wake of the catastrophic IPO, a class action lawsuit has been filed against Facebook, alleging that certain financial details were not revealed to potential shareholders (see Simply-docs blog entry of 23rd May 2012). BBC technology correspondent Rory Cellan-Jones said that “Facebook’s stock market debut is already going down as one of the most troubled of recent years“.
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