A Florida investment adviser has pleaded guilty in a $13 million securities fraud scheme that prosecutors say capitalized on enthusiasm for Facebook shares.
Facebook’s stock was down sharply after an article in the financial magazine Barron’s said it is “still too pricey” despite a sharp decline since its initial public offering.
Facebook’s beleaguered stock got an afternoon boost after hitting its lowest level ever earlier in the day.
Facebook’s stock jumped $1.41, or 5 percent, to close Thursday at $29.60. The stock is still down 22 percent since its highly anticipated initial public offering two weeks ago.
After a brief reprieve in morning trading, Facebook’s stock once again closed lower on Wednesday, nearly $10 below its initial public offering price.
Facebook’s stock was taking a beating on the Nasdaq exchange Tuesday, falling below $30 for the first time since its initial public offering.