MySpace's revenue has cratered and hope of an acquisition is distant. Time to sue the foundering social network while there's still a little money left in its checking account!

New York law firms Milberg LLP and Reese Richman LLP are seeking class action status for a federal suit accusing MySpace of sharing personal member data with information aggregators, allowing users' web surfing history to be associated with their names.

The complaint alleges that "Myspace... profits handsomely from being a conduit [for] details of the most intimate aspects of its members' lives" and from selling personal information "like any other commodity to advertisers." Actually, that's a great description for how a successful social network operates, and MySpace is, on its face, a complete failure. Case dismissed.