LifeLock's debut not a lock, stock drops 7%October 3, 2012: 11:06 AM ET
LifeLock hasn't found much security in the public markets yet.
LifeLock was poised for an inauspicious kickoff. The company's underwriters priced the 15.7 million shares sold in the IPO at $9 -- below the expected range of $9.50 to $11.50. The IPO generated $141.3 million for the company.
LifeLock is a company with a colorful, or some might say tarnished, history. The company's CEO, Todd Davis, infamously offered up his social security number by displaying it on the side of a truck in television advertisements. Following the stunt, Davis reportedly became a victim of identity theft.
In March 2010, LifeLock paid the Federal Trade Commission $12 million to settle charges that the company deceived consumers about the efficacy of its identity theft protection services.
LifeLock was also one of the few companies to continue advertising on Rush Limbaugh's show after the talk show host called a Georgetown University student a slut for her views on birth control in early March 2012. After Limbaugh's comments, LifeLock's chief marketing officer issued a statement saying that the company did not agree with Limbaugh's statements but accepted his apology. Most other advertisers pulled out at that time.
It's a busy week for IPOs with eight companies set to tap the public markets, including restaurant and arcade company Dave & Buster's Entertainment.