Facebook Inc said the U.S. Securities and Exchange Commission dropped its probe into the social networking company over events surrounding its controversial initial public offering.In its quarterly report filed on Thursday, Facebook said the regulator in May "notified us that it had terminated its inquiry and that no enforcement action had been recommended by the SEC."Facebook shares began trading on May 18, 2012, but soon fell below their $38 per share offering price and had lost more than half their value by the middle of August, angering investors.The launch had been tarnished by technology problems that delayed trading and caused difficulty in processing trades.
Facebook, Inc. (Facebook), is engaged in building products to create utility for users, developers, and advertisers. Shares of FB traded higher by 0.13% or $0.1001/share to $75.08. In the past year, the shares have traded as low as $33.56 and as high as $76.74. On average, 50056700 shares of FB exchange hands on a given day and today's volume is recorded at 42944216.
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