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Facebook Shares Fall Below IPO Offering Price
May 20, 2012
Facebook shares sank on Monday without the full support of the company’s underwriters, leaving some investors down 25 percent from where they were Friday afternoon.
Facebook’s debut was beset by problems, so much so that Nasdaq said on Monday it was changing its IPO procedures.
That may comfort companies considering a listing but does little for Facebook, whose lead underwriter Morgan Stanley had to step in and defend the $38 offering price on the open market.
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