Facebook: 67,083,344 likes, a number of investigations and a swarm of lawsuits

Thursday, 24 May 2012 11:30 AM Written by 

20120524wap_facebooknasdaq_150_copyAssociated Press technology writer Barbara Ortutay reviews the bidding, and the burgeoning litigation swirling around the IPO for social media juggernaut Facebook

"Facebook's initial public offering is the subject of two congressional inquiries and mounting lawsuits as the social network enters its fifth day of public trading.

"The shares regained some ground Wednesday, rising $1, or 3.2 percent, to close at $32. They were up another 50 cents, or 1.6 percent, to $32.50 in early premarket trading Thursday. But they are still more than 14 percent below their $38 per share IPO price last week.

"The stock's rocky inaugural trading day last Friday was followed by a two-day decline."

Morningstar snapshot

(Photo: The pre-market price for Facebook stock is shown, Wednesday, May 23, 2012 at the Nasdaq MarketSite in New York. Mark Lennihan, Associated Press)

To report inappropriate comments, abuse and/or repeat offenders, please send an email to socialmedia@post-gazette.com and include a link to the article and a copy of the comment. Your report will be reviewed in a timely manner. Thank you.