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Facebook's stock continues to decline after rocky IPO
NEW YORK (AP) ' Facebook's stock is once again declining after its huge but rocky initial public offering.
Shares of Facebook Inc. dropped 98 cents, or 3.5 percent, to $27.21 in late morning trading Thursday. The stock is down more than 28 percent from its IPO price.
Facebook began trading on the Nasdaq Stock Market on May 18. The day started with a delay due to trading market glitches and didn't get much better from there. The company, along with the investment banks that led the IPO, is the subject of at least two shareholder lawsuits.
May has been a bad month for the broader stock market too. On Thursday, the Dow Jones industrial average fell 89.1 points to 12,330.78 amid worries about the European economy.