Facebook shares plumb new depths

Published May 29, 2012

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Shares of Facebook Inc slid to a new low on Tuesday at just above $30, extending their losing streak since the controversial and glitch-ridden market debut on May 18.

Stock of the world's No. 1 social network briefly skirted a record trough of $30.03 and was down 5.6 percent at $30.12 at midmorning.

A software error on Nasdaq OMX Group Inc's US exchange delayed the start of trade by 30 minutes on Facebook's first day of trading 11 days ago, which was to have been the culmination of eight years of breakneck growth for the cultural and Internet phenomenon.

Instead, Facebook was engulfed in controversy over claims of selective disclosure about its slowing revenue growth in the days leading up to the IPO, and perceptions among some investors that the stock had been overpriced coming out the gate.

Facebook shares are now down more than 20 percent from their IPO price of $38. - Reuters

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