Key Developments: Facebook Inc (FB.O)
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22 May 2013
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Latest Key Developments (Source: Significant Developments)
Facebook Inc In Talks To Buy Waze For Up To $1 Billion-Reuters
Reuters reported that Facebook Inc is in advanced talks to acquire Israeli mobile satellite navigation start-up Waze for $800 million to $1 billion, business daily Calcalist reported on May 9, 2013. Due diligence is underway after a term sheet was signed, Calcalist said, adding that talks began six months ago. Waze uses satellite signals from members' smartphones to generate maps and traffic data, which it then shares with other users, offering real-time traffic info. Officials at Waze declined to comment on the report. Full Article
US OKs NASDAQ OMX Group Inc Payback Plan For Facebook Inc IPO, UBS AG Unhappy; Citigroup Inc, Knight Capital Group Inc And Citadel Also Took Loss In IPO-Reuters
Reuters reported that U.S. regulators approved NASDAQ OMX Group Inc's $62 million compensation plan for firms that lost money in Facebook Inc's market debut, a victory for the exchange operator that also set the stage for potential lawsuits from firms seeking more. The Nasdaq plan will give retail market makers far less than the $500 million in estimated losses from Facebook's initial public offering. The U.S. Securities and Exchange Commission approved the plan, and that firms had one week to submit requests for compensation. A systems failure at Nasdaq on May 18 prevented timely order confirmations for many market participants, leaving them trading in the dark in the midst of the leading online social network's long-awaited initial public offering. UBS AG has pegged its losses from the problematic IPO at above $350 million. It said it has already filed an arbitration demand against Nasdaq to fully recover losses due to the exchange's 'gross mishandling the IPO'. Other market makers that took losses in the botched IPO include units of Citigroup Inc, Knight Capital Group Inc and Citadel LLC. Citi had opposed Nasdaq's plan, while Knight supported the plan but did not want to waive its right to sue for compensation. Firms that sign on to the plan must agree not to take legal actions against Nasdaq over the IPO. Citadel has backed the plan. Full Article
Facebook Inc Hit With Fresh IPO-Related Lawsuit-Reuters
Reuters reported that A Facebook Inc shareholder has sued the social networking company's Chief Executive Mark Zuckerberg and others over its troubled IPO, potentially reviving legal claims that a different court dismissed in February 2013. The lawsuit by Gaye Jones alleges that the Company's directors and officers knew that Facebook did not disclose weaker revenue trends as more users accessed the website through mobile devices. The complaint alleges that information had been selectively shared with the Company's IPO underwriters and key investors. The lawsuit seeks to force the directors and other defendants to disgorge the money they made from selling stock through the IPO which they allegedly knew was overpriced. Full Article
Facebook Inc Buys Ad Technology Platform from Microsoft Corp-Reuters
Reuters reported that Facebook Inc said it had agreed to buy advertising technology from Microsoft Corp that measures the effectiveness of ads on its website. Under the long-rumored transaction, Facebook will purchase the Atlas Advertiser Suite, an ad management and measurement platform. Full Article
Facebook Inc Executives Get Judge To Toss Four IPO-Related Lawsuits-Reuters
Reuters reported that Facebook Inc Chief Executive Mark Zuckerberg and other executives won the dismissal on February 13, 2013 of four shareholder lawsuits following the social networking company's $16 billion Initial Public Offering (IPO) last year. U.S. District Judge Robert Sweet in Manhattan concluded that the individual investors who brought the cases could not establish standing to sue because they were not Facebook shareholders at the time the alleged wrongdoing took place. The cases largely center on allegations that Facebook executives failed to make adequate disclosures ahead of the IPO about weakened revenue growth projections resulting from greater use of the company's website through mobile devices. Fifty-three lawsuits have been consolidated before Sweet stemming from the IPO. Full Article
Intel Corp And Facebook Inc Collaborate On Future Data Center Rack Technologies
Intel Corp announced a collaboration with Facebook Inc to define the next generation of rack technologies used to power the data centers. As part of the collaboration, the companies also unveiled a mechanical prototype built by Quanta Computer that includes Intel's new, innovative photonic rack architecture to show the total cost, design and reliability improvement potential of a disaggregated rack environment. Full Article
Facebook Inc Stocks Get Listed on Bucharest Stock Exchange-AGERPRES
AGERPRES reported that Facebook Inc stocks will be traded on the Bucharest Stock Exchange alternative transaction system, at the international section, under the logo FB, starting December 7, 2012, informs a Bucharest Stock Exchange release sent to AGERPRES. This way, Facebook Inc becomes the twenty-sixth company available for trade, on the Bucharest Stock Exchange, and for which SIF Transilvania is the market maker. Full Article
Facebook Inc To Replace Infosys Limited On NASDAQ-100 Index Beginning December 12, 2012
Facebook Inc announced that it will become a component of the NASDAQ-100 Index, the NASDAQ-100 Equal Weighted Index, and the NASDAQ-100 Technology Sector Index prior to market open on December 12, 2012. Facebook, Inc. will replace Infosys Limited. Full Article
Facebook Inc to Start Trading on Bucharest Bourse on December 7, 2012-SeeNews - The Corporate Wire
SeeNews - The Corporate Wire reported that shares of Facebook Inc will start trading on the Bucharest Stock Exchange on December 7, 2012. The Company's shares will be traded on the Alternative Trading System of the Bucharest bourse. Romanian brokerage Tradeville will act as market maker for the Company. Tradeville is the market maker for another 25 foreign companies traded on the Bucharest bourse, including Apple, Coca Cola, Visa, Intel and Bank of America. The brokerage registered the Facebook Inc shares with Romania's Central Depository earlier this month. Full Article
Facebook Inc Announces Further Details Related to Trading on Bucharest Bourse
Facebook Inc announced that the Board of Governors of the Bucharest Stock Exchange (BVB) has approved, at its meeting of November 26, 2012, the new Market Maker parameters for Facebook Inc shares, in ATS International Section, according to the Tradeville proposal as Market Maker on ATS. Facebook Inc will join the other 25 European and American companies available for trading on BVB and for which SSIF Tradeville acts as Market Maker. The start trading date is going to be disseminated at a later stage, following the Company’s admission to trading. Full Article
Analysis: Google+ struggles to attract brands, some neglect to update
SAN FRANCISCO - To mark the Cinco de Mayo holiday this year, Domino's Pizza festooned its Facebook page with a string of posts, including an image of a Mexican-themed guacamole pizza that garnered over 2,000 "likes". But visitors to Domino's companion Google+ page on that day found less festive fare: The most recent post was from October 2012.
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