Paris Court Says Facebook Inc (FB) Can Be Sued in France Over Nude Image

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It’s been five years since one 57 year-old Parisian teacher and art lover lost his Facebook (NASDAQ:FB) account after posting an image of a 19th century nude Gustave Courbet painting called ‘The Origin of The World,’ but today he has received a ruling by a Paris court that will certainly make him smile.

This morning a Paris court ruled in favor of the man, saying that Facebook Inc (NASDAQ:FB) can in fact be sued in the country of France for this action. Facebook had previously argued that they could only be sued in the state of California, but the court in France overturned this claim saying that it was simple ‘unfair’.

“This is a great satisfaction and a great victory after five years of legal action,” lawyer Stephane Cottineau, who represents the teacher, told The Associated Press. He said it sends a message to all “web giants that they will have now to answer for their possible faults in French courts. On one hand, Facebook shows a total permissiveness regarding violence and ideas conveyed on the social network. And on the other hand, (it) shows an extreme prudishness regarding the body and nudity.”

The man is seeking to have his Facebook account reinstated and compensation of 20,000 euros.
The stock is up 1.36% or $1.39 following the news, hitting $103.3 per share. About 3.71M shares traded hands. FB has risen 18.67% since July 9, 2015 and is uptrending. It has outperformed the S&P500 by 27.53%.

From a total of 33 analysts covering Facebook (NASDAQ:FB) stock, 32 rate it a “Buy”, 1 a “Sell”, and 0 a “Hold”. This means that 97% of the ratings are positive. The highest target price is $155.0 while the lowest target price is $88. The mean of all analyst targets is $122.77 which is 18.85% above today’s ($103.3) stock price. Facebook was the topic of 59 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Argus Research maintained shares on November 6 with a “Buy” rating. Morgan Stanley maintained shares with a”Overweight” rating and a $120 target share price in their report from a November 5. Canaccord Genuity maintained FB stock in a recent report from November 5 with a “Buy” rating. Credit Suisse maintained the rating on November 5. Credit Suisse has a “Outperform” rating and a $135 price target on shares. Finally, Jefferies maintained the stock with a “Buy” rating in a report they issued on a November 5.

The institutional sentiment increased to 1.73 in Q2 2015. It’s up 0.01, from 1.72 in 2015Q2. The ratio increased, as 69 funds sold all their Facebook Inc shares they owned while 375 reduced their positions. 126 funds bought stakes while 643 increased their total positions. Institutions now own 1.55 billion shares which is 2.48% more than the previous share count of 1.51 billion in 2015Q2.

Millennium Tvp Management Co. Llc holds 52.76% of its total portfolio in Facebook Inc, equating to 639,552 shares. Parametric Risk Advisors Llc owns 7.97 million shares representing 46.51% of their total US portfolio. Moreover, Sc Us (Ttgp) Ltd. has 41.15% of their total portfolio invested in the company, equating to 1.04 million shares. The California-based Meritech Capital Associates Iii L.L.C. has a total of 37.81% of their portfolio invested in the stock. Duquesne Family Office Llc, a New York-based fund reported 4.09 million shares owned.

Since February 25, 2015, the stock had 0 insider purchases, and 32 insider sales for a total of $57.08 million in net activity. Athwal Jas sold 30,000 shares worth $3.06 million. Stretch Colin sold 1,000 shares worth $98,710. Cox Christopher K sold 5,778 shares worth $561,622. Schroepfer Michael Todd sold 31,283 shares worth $3.00 million. The insider Fischer David B. sold 15,000 shares worth $1.43M.

Facebook, Inc. is a social networking company. The company has a market cap of $296.67 billion. The Firm is engaged in developing products that enables users to connect and share through mobile devices and personal computers. It has 80.08 P/E ratio. It offers various services focused on people, marketers and developers.