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Going public: Key developments in Facebook’s IPO
May 29: Facebook’s stock falls below $30 for first time.
June 6: The Nasdaq stock exchange says it plans to hand out $40 million in cash and credit to reimburse investment firms that got ensnared by technical problems with trading Facebook stock. FINRA, the financial industry’s self-regulatory group, will review claims for compensation.
June 12: Research firm comScore suggests that marketing on Facebook can help increase sales. ComScore urges marketers to look beyond acquiring as many fans as possible on Facebook and focus on their message and on social media marketing campaigns.
June 15: Facebook seeks to consolidate the more than 40 lawsuits it faces and suggests the Nasdaq Stock Market is partly to blame for its stock’s price drop. Facebook also releases letters it had with federal regulators ahead of its IPO, something companies typically do after a confidentiality period ends. Facebook’s stock closes with a gain for the week for the first time.
July 26: In its first earnings report as a public company, Facebook says revenue grew 32 percent to $1.18 billion in the second quarter, slightly above analyst expectations. It had a net loss of 8 cents per share, mainly due to stock compensation expenses following its IPO. Adjusted earnings of 12 cents per share matched Wall Street’s expectations. Investors weren’t impressed, though, and its stock fell in trading.
Thursday: Ninety days after the stock began trading, some early investors and insiders were eligible to dump additional shares. Although it wasn’t immediately known whether anyone had, Facebook’s stock plunged to a new low soon after trading opened.
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