The bloom quickly fell off Friday's Facebook IPO, as the wildly overhyped public debut staged by the social media giant and its bankers are now being sued by shareholders for concealing weakened growth forecasts prior to the $16 billion offering.

According to Reuters, defendants including Facebook CEO Mark Zuckerberg and Morgan Stanley were cited as hiding “a severe and pronounced reduction” in revenue forecasts during the IPO marketing process. Two lawsuits have been filed, one in U.S. District Court in Manhattan and the other in a California state court. The New York filing said lowered business forecasts were “selectively disclosed by defendants to certain preferred investors” and not to the general public.

While everyone knew there would be post-IPO challenges, Wall Street and Silicon Valley have been stunned as Facebook shares fell 18.4% from the $38 IPO price in the first three days of trading, reducing the value of stock sold in the IPO by more than $2.9 billion.Continue reading...

Dish Network runs into resistance for placing its ad about its ad-skipping DVR.

Pinterest valued at $1.5 billion.

Unilever tests interactive TV concept with NBCU.

Angry Birds footwear? Check.

Apple awarded U.S. patent for soft keyboard as Retina Display patent application for OSX revealed.

Boyd Gaming to buy Peninsula Gaming.

Bristol-Myers Squibb set to lose patent protection for Plavix.

Buca di Beppo has aggressive growth in sight, new CEO says.

CNN hits 15-year low with prime-time ratings.

Comcast's NBC Sports Network will break cable record for Olympics coverage.

Facebook confronts skepticism about its advertising in wake of GM pullout.Continue reading...

Abbott Laboratories to pay $1.6 billion over labelilng of antiseizure drug.

Amazon takes on high-end clothing.

Angry Birds gets embeddable, and bumps Rovio to pre-IPO valuation of $9 billion.

Apple sees iPad trademark settlement rejected by China's Proview.

Aviva sees CEO resign over shareholdre-pay revolt.

The Avengers offends Indian viewers with slum depiction.

Barneys New York skirts bankruptcy.

Costco seeks to grow online sales.Continue reading...

Angry Birds Space sets mobile download record.

Apple and Microsoft face price-gouging inquiry in Australia.

Barack Obama tests "Forward" as a campaign slogan.

BP will pay $4 billion on new oil rigs in the Gulf of Mexico this year.

BlackBerry will be in the hot seat at BlackBerry World conference by RIM on Tuesday.

Broadway tests autism-friendly theater performances.

Brooklyn Nets unveils new team logo designed by Jay-Z.

Chrysler boosts Jeep production.

Facebook will announce a "life-saving tool" on Good Morning America on Tuesday.Continue reading...

Amazon looms as nemesis of book publishers, as children's book publisher pulls its titles.

Apple denies designer Philippe Starck's claim of 'revolutionary' device.

Arby's makes social media blunder over Rush Limbaugh advertising.

Archie comics legal battle heats up.

Audi may select its North American plant site this week, with Mexico the favorite, Automotive News says.

CBS emphasizes hard news to regain an edge.

Citigroup reports better-than-expected revenue growth.Continue reading...

Viral games Angry Birds and Words With Friends are “prime spots for luxury mobile marketing” according to a recent Luxury Institute study.

The study, conducted in early 2012 among respondents reporting an average net worth of $2.8 million, reveals that of the 67% of high net worth individuals who shop via mobile, 63% made purchases in the past 12 months and spent an average of $628.

Of the 60% of luxury consumers in the US with smartphones, 28% own an iPhone, 22% an Android and 16% a BlackBerry. About 73% of them use apps at least once a day, and 80% have downloaded an app.

“Apps are becoming ubiquitous, so it’s what we do with them that make the experience more extraordinary that will make the difference,” said Milton Pedraza, CEO of the Luxury Institute. “How the app is being used by the consumer or to contact someone who represents the brand is now where the real opportunity lies.”

The most frequently downloaded apps for millionaires include Angry Birds, Facebook and Words With Friends.

However, since millionaires prefer the in-store experience, “luxury brands have to start creating humanistic experiences on mobile. Mobile applications are the most common form of engagement for affluent consumers, indicating that luxury marketers need to step up the in-app experience,” the report recommends. Continue reading...

Angry Birds are coming to TV.

Apple pressured on suppliers and sustainability as brand sees Consumer Reports soft-pedal problem of "hot" iPads.

Belvedere vodka "rape ad" actress sues Moet Hennessy.

BMW unveils "sexy" i8 Spyder concept.

Burger King promotes new menu with Jay Leno, Mary J. Blige, David Beckham and Sofia Vergara.

Chevrolet plans decision on future of "Chevy Runs Deep" with new ad agency.

Coty offers to buy Avon for $10 billion.

Current nixes Keith Olbermann as on-air anchor, citing behavior.

Dunkin' Donuts launches Hispanic marketing campaign.

Facebook delves deeper into search.Continue reading...

Apple in sight of $1 trillion valuation, according to analysts.

AstraZeneca fails to stop entry of generic versions of its antipsychotic drug to U.S. market.

Bats alarms Wall Street with derailed IPO.

Bloomberg and CNN continue transition to digital.

Bulgari tries to make a name in wine.

Chick-fil-A pressure heats up.

Dairy Queen benefits from early warm weather.

Darden finds restaurant consumers remain fickle.Continue reading...