As Facebook IPO Hits NASDAQ, They Are Sued for $15 Billion Over User Tracking
For those of you up at the bell this morning, anxiously awaiting Facebook (NASDAQ: FB) to start trading, you were sorely disappointed. As CNN Money documented last night, most recent Nasdaq IPOs are allowed to set their own start times, as long as it’s done long before the closing bell chimes. The trend has been for these stocks to start trading at just before 11am EST.
According to Bloomberg, Facebook was just sued by its users in a class-action case this morning, claiming that the company “invaded their privacy by tracking their Internet usage”. The case, which was filed in Federal Court in San Jose, California, is looking for damages of $15 billion dollars, or about $10,000 per user.
Now aren’t you glad you didn’t get a chance to jump the gun and buy any stock? Personally, I feel like Facebook stock would be a crapshoot, and not something worth investing in anyway. Every time a legal issue like this crops up (and how many have their been?), or they make a change to how they display their information, I feel like the stock will plummet. Of course, I’m not a market analyst, just an opinionated prat, so take what I say at face value.