With Facebook’s stock price briefly topping its initial public offering tag of $38 per share Wednesday before closing at $36.80, will we start to see more of its top executives unload some of their shares? Chief Accounting Officer Jas Athwal revealed his Facebook stock sales in a Form 4 filing with the Securities and Exchange Commission Wednesday.
Facebook provided an update on ongoing legal proceedings in the Form 10-Q it filed with the Securities and Exchange Commission Thursday, including the lawsuit filed against the company and Co-Founder and CEO Mark Zuckerberg by Paul Ceglia, and various actions related to its initial public offering.
Steaks on grills and cabernet in wine glasses may be a little tastier in California’s San Mateo County this Fourth of July, as its average weekly wage in the fourth quarter of 2012 more than doubled compared with the previous-year period, according to a report in The Wall Street Journal’s Corporate Intelligence blog. Why? All signs point to Facebook.
Nasdaq parent company Nasdaq OMX Group filed a motion with the U.S. District Court for the Southern District of New York seeking dismissal of a lawsuit by investors and trading firms related to the exchange’s technical issues during Facebook’s initial public offering.
Florida-based fund manager and former Oregon gubernatorial candidate Craig Berkman pleaded guilty Tuesday to defrauding investors by promising them access to nonexistent Facebook shares prior to the social network’s initial public offering in May 2012, Reuters reported.
Facebook Chief Operating Officer Sheryl Sandberg urged attendees at the Reuters Global Technology Summit in San Francisco Wednesday to judge the company by factors other than its stock price, saying that Facebook is “a much stronger company” today than it was when it went public May 18, 2012.
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.
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.