NEW YORK (TheStreet) -- While Facebook (FB) shares are flat in trading today, a class action lawsuit over privacy violations was filed in Austria last Friday which has been joined by more than 17,000 people worldwide.
The lawsuit is part of a campaign by privacy group Europe vs. Facebook, and seeks damages of $670 per user for privacy and data infractions by the social media company, according to the group's website. Those infractions include information gleaned from users by the NSA's PRISM program, which was revealed by former NSA contractor Edward Snowden.
TheStreet Ratings team rates FACEBOOK INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FACEBOOK INC (FB) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock itself is trading at a premium valuation."
Highlights from the analysis by TheStreet Ratings Team goes as follows: