Facebook Inc. (FB): ‘Want’ a New Lawsuit? Here It Comes!

Facebook Inc. (NASDAQ:FB) has been looking to improve upon its ubiquitous “Like” button, and it has recently launched a new service called Facebook Collections, where users can “collect” items they see and “want” them – where clicking on a “want” button will send users to a third-party Web site to purchase the product it sees. Several companies have latched onto this new service – including Pottery Barn, Victoria’s Secret and Neiman Marcus, among others.

But with the launch of this service in the past week, now Facebook Inc. (NASDAQ:FB) has launched a new legal battle.

CVG-SAB, a company based in Farmington Hills, Mich., has filed a lawsuit in federal court alleging that Facebook Inc. (NADAQ:FB) had stolen its “want” concept and it has caused confusion in the marketplace. The firm is suing to stop Facebook Inc. (FB) from posting the “want” button, monetary damages and a piece of any profits the social-network site has gained. CVG-SAB claims in its lawsuit that the “want” feature on Facebook Inc. (NASDAQ:FB) is very similar to the feature it runs on its own site, www.wantbutton.com, which it launched in late 2010 to allow consumers to keep a list of products they want from such companies as Tommy Bahama and Burlington Coat Factory.

CVG-SAB claims confusion because it has received many e-mails from customers asking whether the new Facebook platform had any relationship with the wantbutton.com site. As expected, Facebook Inc. (NASDAQ:FB) has no public comment on the lawsuit at this point, as the company is reviewing the merits of the claims.

Another legal battle for Facebook Inc. (NASDAQ:FB)? How would investors – like billionaire fund manager George Soros of Soros Fund Management – and non-investors react to this? How would this affect the revenue streams for Facebook Inc. (NASDAQ:FB)?