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Logo for Facebook appears on screens at the Nasdaq MarketSite in Times Square. Photo:Richard Drew/AP

The first shareholder suit was filed Friday against Facebook in the Southern District of New York over the erasure of $100 billion in value just one day after the social media giant’s stock plunged.

The 24-page complaint was filed by Pierce Bainbridge Beck Price & Hecht in New York, on behalf of a proposed class defined as people who bought stock in the social media company from Oct. 1, 2017, through July 26, 2018.

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Michael Riccardi

Michael Riccardi has been a reporter and editor at ALM publications for more than 20 years. A graduate of Villanova University's law school, he lives in Philadelphia. He can be reached at [email protected]

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