Facebook Faces Suit and 4 Social Media Stocks See Action
Facebook, Inc. (NASDAQ:FB): A student group has intentions to take legal action against Facebook, and it has turned to crowd-funding as a means to finance its court case. Last week, the Austrian student group, named Europe-v-Facebook, announced these intentions to move forward with a civil case against Facebook, as it claims that the company is in violation of European data protection law. Europe-v-Facebook has begun preparation for court, and the company predicts that the cost of the case could have a potential range between 100,000 GBP and 300,000 GBP. Since it has no access to legal aid, the group hopes to finance its battle using contributions from online supporters.
Groupon, Inc. (NASDAQ:GRPN) passive stake has been reduced by T. Rowe Price to 2.1 percent from 11.6 percent.
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Pandora Media, Inc. (NYSE:P) has continued to increase its listener base, but it has been fighting to convince Wall Street that it has a viable business. The company’s customer growth has been unable to yield the type of bottom line that critics hope to see. Unfortunately, the company’s Q3 results did little to change things. The company recorded a revenue growth of 60 percent. Also, the company’s subscription revenue saw a 52 percent boost, with ad revenue reaching 61 percent. Google and Facebook would love to have these growth rates.
Zynga, Inc. (NASDAQ:ZNGA) saw a 1.57 percent increase to $2.59 in pre-market trading on Moday.
Yelp, Inc. (NYSE:YELP) passive stake has been reduced by Abbett & Co. to to 6.74 percent from 11.91 percent.