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Old 23-05-12, 19:21   #1
 
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Important Shareholders Sue Facebook & Morgan Stanley-Stock Slumps

Class action lawsuit, launched Wednesday, alleges info was hidden by Facebook & Morgan Stanley prior to IPO

By Sharon Gaudin
May 23, 2012 02:08 PM ET Computerworld

Computerworld - Less than a week after Facebook's initial public offering, the social networking firm's new shareholders Wednesday filed a class action lawsuit against the company, CEO Mark Zuckerberg, Morgan Stanley and others.

The lawsuit alleges that Facebook executives, including Zuckerberg, CFO David Ebersman, company board members, underwriter Morgan Stanley and others intentionally hid negative views of the company's revenue growth potential prior to last week's IPO.

Facebook officials and its investors could have cause for concern as the lawsuit was filed by Robbins Geller Rudman & Dowd LLP, a San Diego-based law firm that won $7 billion for Enron shareholders from the energy firm's investors.

"[Depending] on how this plays out, it could be a big deal if they did something wrong," said Zeus Kerravala, an analyst at ZK Research. "We live in such a litigious society that if they are found having hidden information, they could wind up paying out millions of dollars."

He added that the lawsuit, along with Facebook's already flagging share price, is a big distraction for Facebook executives. "It takes away from running the business," Kerravala said.

On top of the lawsuit, the IPO also is reportedly being investigated by the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, an independent securities regulator.

Eyebrows were initially raised last Friday when the Facebook's shares failed to hit $50 to $90 a share last Friday after the IPO as some experts had expected. The first day of trading instead ended with a stock price just slightly above it's $38 offer price.

On Monday, the share price sunk to about $34, and then declined a few dollars more yesterday.

Concerns about the offering were further raised late Monday when Reuters reported that analysts at Morgan Stanley, the lead underwriter for the IPO, had cut their Facebook revenue forecasts without informing most investors.

The lawsuit notes that 421 million shares of Facebook sold in the IPO. Earlier today, shares were trading for around $31 per share.

"While defendants pocketed billions of dollars ... plaintiffs and the Class have suffered losses of more than $2.5 billion since the IPO," the legal complaint alleges.

In the months before Facebook's IPO, there was mounting excitement that reached something of a frenzy early last week. Facebook's name filled newspaper and online headlines and was the talk on television newsrooms and around office break rooms.

At the same time, the company did take a few stumbles in the days leading up to the IPO.

For instance, Zuckerberg was publicly chastised for wearing jeans and a hoodie sweatshirt during a presentation to buttoned-down Wall Street investors. His casual appearance left some wondering whether the 28-year-old had the maturity to run a major public company.

And as questions arose about Facebook's ability to monetize its growing base of mobile users, General Motors pulled plans for a major ad buy, explaining that its advertising on Facebook wasn't working as expected.

The lawsuit, the SEC investigation and all the bad press "will hurt the firm's image massively and may force a change at the top," said Rob Enderle, an analyst with the Enderle Group, who suggested that Facebook hire a professional disaster management team.
END

What they failed to say in the report above, is that FBook & Morgan Stanley gave the full truthful info to their pals and biggest investors before the sell off. Morgan Stanley had advised the FB`s stock was grossly overvalued to sell at $38 per share.....
That in itself can be considered as `Ìnsider Training`, and normally is illegal......


More to come......
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Old 23-05-12, 19:27   #2
 
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Default Re: Shareholders Sue Facebook & Morgan Stanley-Stock Slumps


Facebook Stock Slumps for Third Day

Pre-IPO frenzy over as social net's stock sinks below $32 a share

By Sharon Gaudin, Computerworld
May 23, 2012 04:07 PM ET

Computerworld - In its third day of trading, Facebook's stock is still in a slump, taking the shine off the frenzy that led up to the company's initial public offering last week.

After closing just slightly above $34 a share on Monday, the company's stock fell to $31 per share, down 8.9%, at the end of trading Tuesday. The high for Tuesday was $33.59 a share.

Since the stock was first offered at $38 per share last Friday, the ensuing price dip has disappointed the market. Some financial analysts had predicted the stock price would quickly shoot to $50, $60 or even $90 a share.

"This is very bad for Facebook short-term, mid-term, and even long-term," said Patrick Moorhead, an analyst with Moor Insights & Strategy. "In this new age, many people see stock-price and even IPO performance with determining how well the company is actually doing.... Facebook stock is absolutely, categorically struggling right now."

Zeus Kerravala, an analyst with ZK Research, said that despite the huge build-up in the months before Facebook's IPO, investors simply haven't been as excited about the stock, or the company's business, as anticipated.

"What a mess Facebook's IPO has been," he added. "The stock continues to fall and there's lots of finger pointing about why. And Facebook doesn't want to be the next Groupon, but they might be headed that way."

Groupon had a strong IPO and then the company saw its price slide in the following months. Just last Friday, Groupon's stock was down 6% from its opening share price.

In the last few weeks before Facebook's IPO, the company took several sharp hits.

Facebook co-founder and CEO Mark Zuckerberg was publicly chastised for wearing jeans and a hoodie sweatshirt to make a presentation to button-down Wall Street investors. His casual appearance left some wondering whether the 28-year-old had the maturity to run a major public company.

And as questions arose about the social network's ability to monetize its growing base of mobile users, General Motors pulled a major ad deal just before the IPO. The company went so far as to say Facebook's ads weren't working for it.

"Well, I think there are holes in the business and people see it," said Kerravala. "Facebook needs to prove to the market that they can be the company they say they can be. People won't buy promise."

However, Dan Olds, an analyst with The Gabriel Consulting Group, had a totally different take on Facebook's stock numbers. He contends that Zuckerberg played the stock market really well.

By setting the stock price slightly above what the market seems willing to pay right now, Facebook ensured that the maximum amount of money went to Facebook and its people who were selling the shares, not the investment bankers.

"All these people are complaining because there wasn't a big price pop on the first days of trading, but a big price pop means that the company selling the stock left money on the table," said Olds. "Facebook didn't directly sell the stock to investors. They sold it to the investment banks, who bought the whole lot of it and then they sold it to the market. So the investment banks are the ones taking it on this one."
END

Dirty business for sure, pity the poor small shareholders, they have a good case and I hope they win.....
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Old 24-05-12, 07:25   #3
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Default Re: Shareholders Sue Facebook & Morgan Stanley-Stock Slumps

The SEC has gotten involved with this too.

As much as anything when an IPO is done, the big money boys usually sink a good bit into the new stock, figuring to cash out in a few days when the stock prices jump as the usually do following the IPO. After less than a month, the price usually nose dives and then takes a while to get it back up.

With the BS that Wall Street and the bankers have pulled and are pulling, they are right to worry about OWS. You see, they have this description that describes OWS fairly well...it's called Peasants and Pitchforks. At the rate they are going, it could be they have a valid concern.
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Old 24-05-12, 12:03   #4
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Default Re: Shareholders Sue Facebook & Morgan Stanley-Stock Slumps

Another bubble. One could wonder where the common sense is?
They talk about a value of $100 billion.

Now, assume that Facebook does indeed make $2 billion in "earnings," as the Wall Street Journal estimated in May. At a buying price of $100 billion it would take 50 years (or maybe just 30 if growth remained brisk!) to get make your money back in cash.
Talking about a long term bad investment.

I just read that 83% of the Facebook users, don't look at the ad's. GM pulled out and more companies will follow, and use other media for their advertising, after hearing about this.

Another rich quick scheme by some US banks. These people can't even use a calculator.
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