Facebook Share Price Falls By A Quarter To $30
Facebook's share price has dropped below $30 (£19) for the first time since its much-awaited stock flotation this month - a total fall of 23%.
The stock fell $2.40 (£1.53), or nearly 8%, to $29.40 (£18.75) in midday trading on Tuesday - and has plunged as low as $29.16 (£18.64) at stages in the day.
Facebook Inc began trading publicly on May 18 following one of the most anticipated stock offerings in history.
Its initial public offering saw stock priced at $38 (£24) and raised $16bn (£10bn) for Facebook and some of its early investors. It had valued the company at $104bn - a value that now stands at around £80bn.
The stock's public debut was marred by technical glitches at the Nasdaq Stock Market that delayed trading.
The firm, along with the investment banks that led the IPO, is the subject of at least two shareholder lawsuits.
They allege that analysts at the large underwriting investment banks cut their second-quarter and full-year forecasts for Facebook just before the IPO and told only a handful of clients.
Morgan Stanley has declined to comment. Facebook calls the lawsuits "without merit."