This week has been a relatively active week for Facebook related news although there haven’t been any large announcements from the company. In addition to finding out that the company’s common shares are trading at a price which values the company at over $11 billion, we learned about SocialMedia being acquired by AdKnowledge. There were many more stories as well, all of which are highlighted in “This Week In Facebook”.

Zynga And Facebook Named In Class Action Suit

A little more than a week ago we wrote about a class action suit which went after Facebook, Zynga, and a number of offer networks. Last week a formal complaint was filed against Facebook and Zynga, with the majority of the other networks left out of the complaint. At this point it’s too early to predict how this will evolve, however the law firm behind the complaint appears to be moving quickly, with a plaintiff being named last week: Rebecca Swift.

Facebook Enables Stream Targeting For Page Administrators

Also this week, Facebook began enabling Page administrators to target stream updates based on geographic region and language. For large multi-national brands, this could be an extremely valuable tool. Rather than setting up multiple pages in different languages, each language can have different stories visible to them.

Facebook Video Traffic Surges

According to Nielsen, traffic to Facebook’s video application has almost doubled in a single month, making it the third most popular service on the web, behind YouTube and Hulu. The key differentiator of the Facebook Video service is the ability to share videos only among your friends. As we’ve highlighted in the past, granular privacy settings happen to be one of Facebook’s most significant strengths. Having granular privacy settings on videos may prove to be a killer feature.

Facebook Upgrades Photo Upload Tool

As many users had noticed, the Facebook photo upload tool had a number of bugs. The issue was a frustrating one. I regularly attempted to upload photos from trips, only to have the uploader fail in the process of posting my images. Thankfully, Facebook released a new upload tool last week. Now you shouldn’t have problems when you are posting all the photos from your recent vacation or night out with friends.

2 Agencies Launch First Third-Party Facebook Ad Managers

During the week we covered the first two agencies to launch their third-party Facebook ad managers. Early in the week TechLightenment announced the launch of Alchemy, their Facebook ad manager product built on top of the Facebook Ads API. Two days later, 77Agency launched their own ad manager service similar to Alchemy, with a few different features. As I wrote earlier, there’s no doubt that we’ll see numerous agencies rolling out their own Facebook advertising products over the coming weeks and months.

RockYou And Zynga Raise Funding

RockYou and Zynga, two of the largest Facebook application developers, both announced funding last week. RockYou raised $50 million while Zynga raised $15.18 million. Both funding rounds highlighted how hot the social gaming space has become, just since the acquisition of Playfish for up to $400 million.