Facebook (FB) tanked again on Tuesday to $31, a nearly 9 percent drop on the day. That’s roughly 24 percent off the $38 strike, and falling. Which still means billions in Facebook’s coffers, but not the glamorous, cash-soaring IPO that most expected.
It also means plenty of blame, allegations, and the early stages of governmental investigations. Of particular concern was a series of warnings issued by underwriters Morgan Stanley, Goldman Sachs, and JPMorgan Chase, all of whom issued downgrades to closely-held clients. That could be kosher, though decisions to juice the strike-price and grossly boost available shares are also getting a second look. Eddie Blazonczyk, dubbed the ‘King of Polka,’ has now passed. Blazonczyk suffered from heart-related conditions, and was 70. Universal Music Group has now filed responses to a class action suit brought by the Temptations, Rob Zombie, Chuck D and the estate of Rick James (among others). On the issue of whether downloads should be treated as sales or licenses, UMG says the former was a rational and reasonable business decision. In or around Oakland? The California Music Industry Summit is happening at the Stork Club on June 8-9, with Slacker, NARIP, E-40, BandPage, and the mayor of Oakland among the attendees. A few realignments are emerging following Alliance Entertainment’s acquisition of digital-to-physical distributor Audiolife. In particular, Audiolife partner Topspin will be shifting its physical fulfillment to Alliance, and expanding its suite of services in the process. Spotify just landed in Australia, sure, but MOG? This was unexpected, though MOG has recently tied with ISP Telstra, with a launch touted ‘within weeks’. Actually, there’s even more Facebook news to care about, though we’re unclear how much work this means for bands. The company is now tweaking a few Timeline changes, and many of these alterations could become permanent. These appear to be cosmetic to the average user (though quite possibly, a headache for everyone else). Take twenty file-sharing studies, put them together, and what do we find? That’s exactly the ‘meta-research’ undertaken by Zeropaid, which found “no scientific basis for laws such as a ‘graduated response’ or censorship of the internet.”