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Facebook stock pounded

UPDATE: Facebook's stock has fallen below $30 for the first time. That's down 20 percent since its much-awaited public stock debut this month.

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Facebook's stock is dropping again, hovering around $30 after it hit a new low in morning trading.

Shares of Facebook Inc. are down $1.72, or 5.4 percent, to $30.19 as of late morning on Tuesday. Earlier, the stock hit $30.03, its lowest since Facebook began publicly trading more than a week ago.

The social networking company's stock priced at $38 in its initial public offering on May 18. Rather than a seeing a big first-day-pop, it closed just 23 cents higher on the following day. Now, it's about 20 percent below the IPO price.

The stock's public debut was marred by technical glitches at the NASDAQ Stock Market that delayed trading. The company and the investment banks that led the IPO face shareholder lawsuits, which Facebook say are without merit.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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