Facebook’s shares dipped below $30 Tuesday as the company’s shares hit new lows and continued to struggle in the wake of its massive initial public offering (IPO).
Even as US stock markets bounced back from falls last week, Facebook’s shares slumped over 6% in early trading, to $29.78 – more than $8 below the $38 price set at their IPO earlier this month.
Law firm Robbins Geller has has opened a class action lawsuit against the company in the wake of the IPO.
As of this writing, Facebook is trading at $29.33 a share.