Facebook IPOcalypse cases: One lawsuit to end them All

The 57 different cases against Facebook or the NASDAQ over the free-content ad firm's disastrous IPO have all been mashed up into one uber-lawsuit to be heard in New York. The technical glitches that marred the first day of Facebook's stock trading have been blamed by many for the share's low prices, sparking class action …

[Trokair 1]

Great Lesson

I fell for it. Hook line and sinker the promise of quick returns on an IPO lured me right in. Once the "magic" wore off (see 2 hours after open) I started doing the research I should have done myself and discovered my mistake. I wasn't in for much and I cashed out before I lost the majority of it but I still lost. Lesson learned, luckily on the cheap side for me.

[JDX]

Re: Great Lesson

If the IPO hadn't broken they might well have made a decent 1-day trade.

Serious question before all the FB haters wade in.... why is/would FB itself be liable for failures in actually processing the IPO and making trades through the exchange?

[SteveK]

Re: Great Lesson

I'm guessing FB isn't being held liable for that part, but appears to be accused of withholding other information, specifically lack of advert growth.

And I guess if the lawsuits target enough people and companies, it increases the odds that one of them did or said or didn't say something that could be regarded as critical.

[JaitcH]

Some second leve in FB l ...

selected the initial price.

[mIRCat]

Re: Great Lesson

I believe Facebook is included because they failed to reveal, except to a select few, they don't know how to make money.

The accountants tell Zuck it grows on trees in the back and he believes them.

Because everyone should know creating money from nothing is elementary!

[JDX]

Re: Great Lesson

It still seems odd then this would be one mega-suite, rather than one for the IPO and one for the information non-disclosure. They seem very different things.

[Anonymous Coward]

Re: Great Lesson

There's always some schmuck to con.

[Anonymous Coward]

Chairs are like Facebook

because if you turn one upside down then four investors can get fucked at once

[Anonymous Coward]

SHARES

OMG I GOT A PAYDAY LOAN TO BYE SOME SHARES IN FACEBOOK AFTER ALL MY MATES TOLD ME IT WOULD BE LIKE GOOGLES IN HALF THE TIME NOT ONLY THAT I HAD HOLIDAY MONEY SAFED UP WHICH I SPENT AN ALSO SOLD MY DAUGHTERS XBOX YOU CAN IMAGINE HOW SHE FELLS ABOUT IT NOW I HAVE LOST LOADS AND THINK PEOPLE LIKE ME SHOULD DEMAND A.N.S.W.E.R.S

[Raz]

Re: SHARES

Good one, have a beer!

[Anonymous Coward]

Re: SHARES

The value of investments can go up as well as down

[Anonymous Coward]

Re: SHARES

The value of investments and money goes down.

There, fixed it for you.

[mIRCat]

What, no 'current price at the time of going to press'!? Am I to be expected to make a few extra clicks and find this information myself!?

Horrible journalism!

Paris because she knows what her stock is worth.

[LordHighFixer]

Just look at the facts

look at the company, what they do, how they do it, who they prey on, and what they have been accused of. If you want to try to make money off that, then you deserve what you get.

However, that is not what the complaint is about. The complaint alleges something along the lines of insider trading. Like only showing the real books to a select few and using a set of cooked books for the IPO. I am pretty sure that if you get caught doing that you are in trouble.

[Anonymous Coward]

Re: Just look at the facts

That depends.

If you are cooking the books for 1000 $/Eu/£ - yes.

If you are cooking the books to the tune of 30G -80G you become the prime minister of a Balkan Country and the rest of the world bails you out.

[James Gosling]

It ain't worth sh*t!

It's all hot air and bullshit! Zucker is going to be listed in the Oxford Dictionary as akin to "Sucker".

[Graham Marsden]

"The technical glitches...

"...that marred the first day of Facebook's stock trading have been blamed by many for the share's low prices,"

ITYM "The fact that the value of FB was grossly over-rated was to blame for the share's low prices..."

[Anonymous Coward]

i demand that zuckerburg retires to hell

d

[Anonymous Coward]

Not so different

Funny really; the Republicans are trying to drum up votes in the presidential election with the pitch that the poorest 47% of Americans have an overly developed sense of entitlement. The wheedling, grasping nature of these lawsuits suggest the other half of the US thinks it's fully entitled to a quick, risk free quick buck or it's going to throw it's toys out of the pram. Just like Railtrack's shareholders, it's not a very attractive advert for capitalism.

Not so different after all.

[Alan Brown]

Re: Not so different

More to the point anyone who had any inkling of how Facebook's marker model worked would have stood well clear.

I don't even pretend to be a financial advisor but I was telling anyone who asked whether the IPO was worth buying into to stay well clear as I couldnt' see how they were going to sustain their advertising model. What made the point was "If it's so good, why does it need to be hyped so much?"

[Anonymous Coward]

It's all just a POS

Get over it.

[Anonymous Coward]

Why not

Just void all the share issues and give everyone their money back at the price they paid

all sorted apart from a couple of banks losing money, but that's nothing new and the good old Tax-Payer will bail them out again anyway

[Anonymous Coward]

Re: Why not

Do I have to give back the millions I made shorting the stock?

That's a sucky idea.