Facebook shares have dropped below $30 today as the company is hitting some new lows and continues to struggle after their IPO. The company opened at $38 on the day of their IPO. Now they are being investigated about whether the company gave critical information to some investors and not others. Several class action lawsuits have been filed against Facebook founder Mark Zuckerberg and Facebook lead bank Morgan Stanley.
“This was an IPO that was going to save California and uplift the western world. It was so overhyped and overvalued that it could only fall,” stated Walter Zimmermann, senior technical analyst at United-ICAP in an interview with the Guardian UK.