The Faecesbook Clusterfuck - The IPO That Just Keeps Giving

The clusterfuck IPO of Facebook last week is an IPO that, for those who haven't touched these shares with a bargepole, that just keeps giving.

Unsurprisingly these massively overvalued shares fell again yesterday, by 9%. However, Faecesbook mission to "find bottom" in the market is far from over.

The BBC reports that the SEC and Financial Industry Regulatory Authority (FINRA) are concerned about the way advisers disclosed information to investors, and may review the disclosure process to see if some investors got favourable access.

Reuters and the Wall Street Journal reported that Faecesbook's advisers may have revised their financial forecasts, but that only selected investors were told.

Oops, how very remiss of them!

Morgan Stanley said that the bank had:

"followed the same procedures for the Facebook offering that it follows for all initial public offerings".

In other news, Philip Goldberg (a private investor) has issued a writ against Nasdaq over technical problems on Friday that made a shambles of disrupted Faecesbook's first trading day.

Rest assured, the Faecesbook clusterfuck will run and run!

Faecesbook Shares Tanking

In the event that anyone is interested, shares in Facebook are tanking; they are currently trading at around $33 compared to its offer price of $38 and Friday high of $45.

Friday's IPO was severely marred by the failure of Nasdaq to do what it was meant to do, ie provide up to date price and trade information, instead it wallowed in 2 hour trade confirmation delays.

Now that the technical "snafu" has been sorted, and Morgan Stanley have stopped supporting the price, people have woken up to the fact that Faecesbook was massively overpriced.

No surprises there then!