Facebook Sued for $15 Billion in Suit Over User Tracking.

[hyiptrack007]

Facebook Sued for $15 Billion in Suit Over User Tracking

Facebook Suit Over Subscriber Tracking Seeks $15 Billion
By Kit Chellel and Jeremy Hodges - May 19, 2012 5:01 AM GMT+0100

Facebook Inc. (FB), the social network operator whose shares began trading yesterday, was sued for $15 billion in an amended complaint by subscribers who claim the company invaded their privacy by tracking their Internet use.

In the complaint filed May 17 in federal court in San Jose, California, the plaintiffs say Facebook improperly tracked users even after they logged out. Twenty-one cases making similar claims have been consolidated before the court. The latest filing seeks to proceed on behalf of U.S. residents who subscribed to Facebook from May 2010 to September 2011.

Facebook, which sold stock in an initial public offering valuing the company at about $104 billion, has been scrutinized by regulators in the U.S. and Europe over how it protects users***8217; private information. Last year, a German data-protection agency said it may fine the Menlo Park, California-based company over facial-recognition software used for tagging photos.

***8220;This is not just a damages action, but a groundbreaking digital-privacy rights case that could have wide and significant legal and business implications,***8221; David Straite, a partner at Stewarts Law, which represents some of the users, said in an e- mailed statement.

Andrew Noyes, a Facebook spokesman, said in an e-mailed statement that the claims are without merit and the company will contest them.
Non-U.S. Residents

Straite said his firm is evaluating ways to add non-U.S. residents to the group of plaintiffs.

The U.S. Wiretap Act ***8220;provides statutory damages of the greater of $100 per violation per day, up to $10,000, per Facebook user,***8221; according to the complaint. Facebook***8217;s more than 800 million members are entitled to about $15 billion in total, according to the plaintiffs.

Facebook sold 421.2 million shares at $38 each to raise $16 billion, it said in a statement. That values the company at $104.2 billion, or 107 times trailing 12-month earnings, more than every S&P 500 member except Amazon.com Inc. and Equity Residential. (EQR)

The shares rose 23 cents above the IPO price of $38 yesterday in Nasdaq Stock Market trading.

The case is In re: Facebook Internet Tracking Litigation, 5:12-md-02314-EJD, U.S. District Court, Northern District of California (San Jose).

Source: http://www.bloomberg.com/news/2012-0...-tracking.html

[geoff01]

I wonder if this is partly the reason Twitter has amended some of their terms? I remember something in the changes included tracking.

[timecop]

this happens everytime a company get's funding through IPO or investors all the lawsuits start rolling in

[mrGSH]

Good.... Better teach them a lesson before it is too late

[Massivef]

I am sure that if they say to the people $15 Billion than there is much more money. It's quite logic, cause no one is telling truth on question "how much money you got\spent\want"

[hyiptrack007]

wow! wow!

Quote from: http://www.tmz.com/2012/06/04/facebo...sider-trading/

Mark Zuckerberg Sued - Sold a Billion $$$ Before FB Disaster


The class action lawsuit -- filed by disgruntled Facebook shareholders -- claims the 28-year-old CEO had inside info that the stock was grossly overvalued, and he protected his own financial hide by quickly unloading a ton of Facebook stock.

This is the second time in two weeks a group of FB shareholders have joined together to accuse the mogul of withholding information.

The lawsuit claims Zuckerberg and his cronies hid the fact that there was a foundational flaw in the Facebook business model -- that there was not nearly enough advertising revenue to support a stock valued at $38 a share.

The lawsuit claims Morgan Stanley, JPMorgan, and Goldman Sachs -- all sounded the alarm before the IPO that Facebook was seriously overvalued, but that information was "selectively disclosed" to the largest investors.

[Maximo]

Sue them, bring them down, anything you want to, it is really embarrassing how they keep info on their users.

Even google, still didn't delete the data it took with their vehicle google street thing.

[First Edition]

They didn't keep info on me when I logged out. I think the issue of privacy needs to be the responsibility of the user. There are plenty of add-ons and programs that can keep everyone from tracking anything. People use browsers to do all kinds of silly things like storing passwords! It's insane! I don't feel sorry for those people when they get tracked by some cookie...

[dude111]

The best thing to do is STAY OFF THAT INTRUSIVE SITE!!!!!

They are the worst of the worst!!!!!!