Facebook Monitored by Italian Tax Police and 4 Social Media Stocks See Action

Facebook, Inc. (NASDAQ:FB): Italian tax police have begun to carry out checks at Facebook’s offices in Milan offices to ensure that it has regularly declared its income in the country, according to Reuters, citing an investigative source and the company. Facebook claimed via an e-mailed statement that it strictly complies with Italy’s fiscal rules, and it has fully cooperated with tax police during the investigation, the report noted.

LinkedIn Corporation (NYSE:LNKD): Media companies, and especially those in the b-to-b space, have continued to become more and more reliant on events as a means to diversify a portfolio. However, FOLIO reported that today, even growth in the events sector appears to be slowing. However, harnessing the power of social media is a way for media companies to keep the attention of customers and consumers beyond the week or month a magazine is on sale. This was a takeaway that was given by Eric Ly, who co-founded LinkedIn and is keynote speaker at the International Association of Exhibitions and Events’ annual meeting in Orlando, Florida on Wednesday. “We weren’t cool enough to create Facebook,” Ly claimed. “So we tried to create something useful instead.”

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Groupon, Inc. (NASDAQ:GRPN) shares have seen a massive decline of 80 percent during the year, which CEO Andrew Mason finally admitted indicates that it would be “weird” for the company’s directors not to consider firing him. “It would be more noteworthy if the board wasn’t discussing it,” Mason stated the Business Insider Ignition conference in New York City last week.

Pandora Media, Inc. (NYSE:P) CTO and EVP of Product, Tom Conrad has stated that he thinks there may be a solution out there to the licensing dispute it’s involved in with the music industry with the ability to please Internet radio firms, record labels, and consumers.

Zynga, Inc. (NASDAQ:ZNGA) has begun to file with a Nevada regulator, which could lead to it entering the lucrative U.S. gambling market.

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