<p>So Facebook has been public for less than a week and already has at least 2 shareholder suits</p>
<p>Shareholder suits are a dime a dozen. I have a feeling that this is not a record, but I don’t have any links to back my statement up.</p>
<p>It’s just legalized extortion by law firms. Settle with us and avoid protracted litigation. Our class members will get a few bucks for their “damages”, and we’ll pocket millions in legal fees, thank you very much.</p>
<p>I saw a cute joke about facebook going public yesterday. </p>
<p>Why is facebook going public?? </p>
<p>Even they cant figure out the privacy settings. </p>
<p>At any rate I tend to agree Chardo.</p>
<p>Facebook and its underwriters are being investigated for violating various securities laws during the run-up to the IPO.</p>
<p>In particular, the underwriters received guidance from Facebook that revenues weren’t growing as fast as originally stated. Rather than widely publicize the info, the underwriters seem to have only informed select customers.</p>
<p>[Facebook</a>, banks sued over pre-IPO analyst calls - Yahoo! Finance](<a href=“http://finance.yahoo.com/news/facebook-zuckerberg-banks-sued-over-130237689.html]Facebook”>http://finance.yahoo.com/news/facebook-zuckerberg-banks-sued-over-130237689.html)</p>
<p>In MA, securities regulators have already issued subpoenas.</p>
<p>In addition, there were a number of irregularities around processing orders. Morgan Stanley has already announced they will be adjusting prices of customers who wound up paying too much because of the order problems.</p>
<p>[Morgan</a> Stanley to adjust prices on Facebook trades - Yahoo! Finance](<a href=“http://finance.yahoo.com/news/morgan-stanley-adjust-prices-facebook-172240187.html]Morgan”>http://finance.yahoo.com/news/morgan-stanley-adjust-prices-facebook-172240187.html)</p>
<p>This is not just extortion. They raised the price and number of shares significantly at the last minute, while withholding material information.</p>