Apparently so. Support at $26.40 seems solid. Absolutely no reason for the stock to be stuck below $29 except for the fact that FB doesn't really care about supporting the price.
With even minimal attention to supporting investors, and more small purchases of ancillary companies, the stock should get back to IPO price. Only thing standing in its way is FB itself. They simply refuse as advertised to pay attention to investor sentiment on a regular basis.