Can the same law firm unsuccessfully bid to lead a class-action suit against a company, and then file a related derivative lawsuit against the same company? Facebook says no, requesting in a filing with Delaware’s Court of Chancery that the derivative suit filed by Robbins Geller Rudman & Dowd be thrown out due to a conflict of interest, but its argument may stand on shaky ground.
Initial Public Offering
Facebook held its first-ever annual meeting Tuesday at the Westin San Francisco Airport in Millbrae, Calif., and Co-Founder and CEO Mark Zuckerberg addressed shareholders’ concerns about the company’s stock price, which has never approached its initial public offering mark of $38 per share since its first day of trading last May 18.
The Securities and Exchange Commission announced Wednesday the punishment for Nasdaq’s mishandling of Facebook’s initial public offering: a record $10 million fine, the largest penalty paid to the SEC by an exchange. Nasdaq came under fire for several mishaps, such as failing to send trade confirmations to investors.
On May 18, 2012, Facebook became a publicly traded company. Facebook’s stock has had some definite peaks and valleys since then. The value of the company has yet to reach its opening mark of $38 per share, settling in the $26-$28 neighborhood. MarketWatch compiled a timeline of Facebook’s year after the initial public offering.
Three men were arrested at their homes Tuesday and charged with bilking an investor, dangling special access to Facebook shares prior to the social network’s initial public offering as bait.
With the one-year anniversary of Facebook’s initial public offering coming up Saturday, social jobs and career community Glassdoor looked at the 12 months before and after the IPO and found that the company rating for Facebook and approval rating for Co-Founder and CEO Mark Zuckerberg have risen, as have salaries for software engineers, but the social network’s senior management rating has taken a hit.