Facebook Inc.'s stock fell again Friday, the third straight day of decline.

It lost 27 cents, or nearly 1 percent, to close at $31.09. That's down 18 percent from its public offering price of $38.

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The stock has been up on 14 trading days and down on 16 since its initial public offering.

Facebook began trading publicly in mid-May following one of the most anticipated stock offerings in history. The IPO priced at $38, at the top of a projected range that Facebook had already boosted just days earlier.

Although many investors had hoped for a big first-day pop, Facebook's stock opened on May 18 at $42.05 and fluctuated between $45 and $38 throughout the day. It closed barely above its IPO price, at $38.23.

The stock had fallen sharply in the weeks following the IPO, going as low as $25.52. It had been making a comeback over the past two weeks.

The company, along with the investment banks that led the IPO, is the subject of dozens of shareholder lawsuits. They allege that analysts at the large underwriting investment banks cut their financial forecasts for Facebook just before the IPO and told only a handful of clients. Facebook and the banks overseeing the IPO insist that nothing about its IPO process was illegal or even out of the ordinary.