It was a big hit for those who bought the closed offering. Only a major loss for those who bought the public offering.
The impression they were hiding the real revenue of the company has been weighing on the stock, as well as the integrity of the offering itself, which while being touted before the opening, had one of the underwriters' analysts from Morgan Stanley - consumer Internet analyst Scott Devitt - lowered his revenue forecast while Facebook was in the middle of its roadshow.
Another element was the delayed trading because of technical problems related to the Nasdaq OMX Group, and also delayed confirmations of trades on the day of the IPO.
All this is generating numerous lawsuits, which includes the top management team of Facebook, as well as the board of directors and underwriters.
Nasdaq OMX Group has also been sued.
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