Facebook’s fourth day of trading as a public company saw an increase in the company’s stock price and shareholder lawsuits related to the social network’s botched initial public offering.
Facebook Inc.’s stock climbed $1, or 3.2 percent, to close at $32 on Wednesday. But the gain was only a small reprieve for shareholders. The stock’s rocky inaugural trading day Friday was followed by a two-day decline. The stock is still trading nearly 16 percent below its $38 IPO price.
The initial public trading of Facebook’s stock was tarnished Friday morning by a half-hour delay, caused by glitches on the Nasdaq Stock Market. It was marred further this week as investors began accusing the banks that arranged the IPO of sharing important information about Facebook’s business prospects with some clients and not others… Read more