On any given day we receive 5 to 50 stories to post on AllFacebook, however there’s no way for us to currently cover everything that goes on. Determining which stories to publish is part art and part science, however that doesn’t mean you shouldn’t be aware of all the things going on related to Facebook. That’s why we’ve decided to post occasional updates on the stories that we couldn’t get to the day before. Today we have 3 stories from yesterday that you should be aware of.
Initial Class Action Complaint Filed Against Facebook and Zynga
Last week we wrote about an impending class action suit which named a number of companies on the social web including Facebook, Zynga, and a number of offer networks. At the time we reached out to the law firm responsible for the class action to find out more details. They told us that they were currently seeking individuals who had been deceived in order to name them in the suit. One week later it appears as though they’ve found that individual: Rebecca Swift.
On behalf of Swift and other victims, Kershaw, Cutter & Ratinoff, LLP has filed an initial class action complaint against Zynga and Facebook. No other networks appear to be named in this initial complaint, however there could be additional complaints filed in the near future. The turnaround time on this has been extremely quick. You can view the full complaint via Valleywag.
Facebook’s Common Stock Valuation Jumps
In what appears to be an effective press release for SecondMarket, Bloomberg published an article stating that Facebook’s valuation has jumped in private markets over the past few months. While many of us love to speculate about the future of Facebook and what their valuation will be, private markets are also extremely tricky for setting exact valuations. Then again, if someone is willing to pay a specific price, that price determines the value of the company at the time of the transaction.
In illiquid markets however it’s difficult to track bid and ask rates on shares since the information is not complete.
Adknowledge Acquires SocialMedia’s Ad Network
SocialMedia which was previously one of the leading Facebook platform ad networks, sold their ad network to Adknowledge for an undisclosed amount. This is part of a continued roll-up of ad networks which the company began back in 2008. The company currently own Cubics, Adonomics, Lookery’s ad network, SuperRewards, and now SocialMedia’s ad network. Adknowledge has been focused on the performance advertising space, an area which has come under increasing scrutiny amidst new class actions like the one we covered earlier in this post.
Adknowledge has been aggressive in building a large social advertising roll-up, this acquisition being the latest in an ongoing series of acquisitions.