April 19, 2014

What great way to go Public than to be sued for $15bn Dollars

Facebook started trading under the symbol FB at the NASDAQ this morning with a value of $42 per share. In other news,  Facebook is being sued for $15 billion over a claim that privacy was violated by tracking internet usage, reports Bloomberg.

The lawsuit has been filed in California, and combined 21 individual cases that were spread out across the United States by subscribers who claim the company invaded their privacy by tracking their Internet use. We had already reported this long back about Facebook tracking user’s every move even when they are not of Facebook.

“This is not just a damages action, but a groundbreaking digital-privacy rights case that could have wide and significant legal and business implications,” says David Straite, a partner at Stewarts Law.

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

via: Slashgear

The DNetWorks Team

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