Facebook to face $15Billion litigation on IPO day

Facebook launched today on the stock market and revealed a successful debut with an IPO boost of 13 percent as shares climbed for initial price of $38 to $42.

However the happy event appears to be shadowed by a lawsuit filed against Facebook and claiming $15 billion from the social network for allegedly breaking users’ privacy. Those who rushed to be the first to invest in Facebook are certainly not too happy with that, but anyway the company has plenty of resources.

Who filed the “expensive” lawsuit against Facebook and what was the reason?
It is reported that California’s Federal Court initiated the litigation which gathered 21 cases from across the U.S. Facebook is slammed for violating privacy policy by tracking its users irrespective of being logged in or not.

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According to reports from Performinsider and Bloomberg:
“Facebook, has been buzzed by European and American regulation authorities over management of users protection data.

In 2011, a data-protection agency in Germany claimed it may punish Facebook over complaints regarding facial recognition software employed to tag pictures.”