After dropping to $31 per share on Tuesday, Facebook’s stock is hinting at a turnaround Wednesday morning, hovering around $32.15 per unit. Unless the stock surges past its $38 per unit launch price, however, it is hard to imagine how those responsible for its disappointing debut — a group that includes lead underwriter Morgan Stanley, Nasdaq officials and Facebook itself — will be able to redeem themselves in the eyes of irate investors, disappointed employees and suspicious regulators. Some of the factors behind the mess that was the company’s IPO are now well known.
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Facebook Fallout Widely Scattered
Posted by: Erika Morphy May 23, 2012 09:02 AMAfter dropping to $31 per share on Tuesday, Facebook’s stock is hinting at a turnaround Wednesday morning, hovering around $32.15 per unit. Unless the stock surges past its $38 per unit launch price, however, it is hard to imagine how those responsible for its disappointing debut — a group that includes lead underwriter Morgan Stanley, Nasdaq officials and Facebook itself — will be able to redeem themselves in the eyes of irate investors, disappointed employees and suspicious regulators. Some of the factors behind the mess that was the company’s IPO are now well known.