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Tuesday, May 22, 2012

Bankers Under Fire as Facebook Slips 11%

Criticism of the Facebook Inc. FB -5.64% stock deal grew as the shares dropped below their offering price in their first full day of trading Monday, wiping $11.5 billion off the social network's market value.
The company, its investment bankers and the Nasdaq Stock Market came under fire for failing to ensure a smooth debut for one of the most anticipated deals in recent memory. Facebook shares, which began trading Friday at $38 and managed to add just 23 cents by the end of that day, fell 11% Monday to $34.03.
Posted by at 7:20 AM

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