Facebook's IPO was a mess from day one, with Nasdaq delays and trading issues. Now shareholders are suing and the stock has plunged.NEW YORK (CNNMoney) -- Facebook's breathlessly hyped IPO on Friday has turned into a huge Wall Street debacle, with lots of confusion -- and now, lawsuits -- swirling around.Here's the still-developing blow-by-blow of how the biggest tech IPOs in U.S. history became such a mess.What happened on Friday? The strangeness began at the most basic level: actually opening Facebook for trading on Friday.The regular U.S. stock markets trading day begins at 9:30 a.m, but IPOs listed on the Nasdaq exchange typically don't start trading until at least an hour later. Nasdaq told traders early Friday that it expected Facebook (FB) shares to begin ... Continue reading →

Facebook's shares are down nearly 18% from its IPO price since it started trading on Nasdaq Friday.NEW YORK (CNNMoney) -- Facebook's stock has plunged nearly 18% from its IPO price, but it's not simply a case of investors disliking the company.Facebook has attracted a rash of stock flippers -- investors who quickly buy and sell a stock in the hopes of making a quick profit. "It's a day trader's paradise right now. There's high volatility and high volume," said Douglas DePietro, managing director for sales trading and trading execution at Evercore Partners. While volatile, frenetic trading is not unusual in the first few days after a large IPO, in the case of Facebook (FB), both the overall trading volume and Nasdaq's problems executing trades amplified ... Continue reading →