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Facebook Site And Stock Go Down

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Facebook is having a tough time, with its website and shares taking hits

Facebook went offline several times yesterday and, despite a brief rally, its share prices have fallen again today. According to reports, some people couldn’t access the site for two hours. Others complained the site was taking too long to load.

The social networking giant told TechWeekEurope “some users briefly experienced issues loading the site.”

“The issues have since been resolved and everyone should now have access to Facebook. We apologise for any inconvenience,” a spokesperson added. They could not go into detail on what caused the outage, or how many users were affected.

Stock down again

Yesterday saw Facebook shares go up for the first time in several days, to finish five percent up, at $29 per share at close on the NASDAQ. However, at the time of publication the price had fallen down again, to $28.56.

Facebook is currently feeling the heat from US regulators following its troubled IPO in May, in which shares started selling at $38. Shareholders are suing Facebook’s CEO mark Zuckerberg, the company itself and a number of banks for allegedly covering up weakened growth forecast prior to the IPO.

Lead underwriter of the IPO Morgan Stanley also came under fire for selective disclosure of important information that might have given an advantage to institutional investors.

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