The anticipation over Facebook's May 18 IPO quickly nosedived into dissatisfaction, judging by the multiple class action lawsuits the social-networking company now faces.
The class action suits, two of which were filed in San Mateo Superior Court, call for compensatory damages. Case management conferences have been scheduled for July 25 and Oct. 4.
Facebook's stock continued to decline as news of the lawsuits circulated. By Friday, May 25, the price had dropped to $31.75 per share, after opening on May 18 at $42.05 on NASDAQ.
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