The must-have deal of the year turned out to be a dud. Shares of Facebook (FB) began falling almost immediately after its IPO. The stock, which began trading at $42, sunk to as low as $17.55, before rebounding to $28.
There has been plenty of finger pointing, including: Facebook's CFO David Ebersman pushed for the company to sell as many shares as possible; Morgan Stanley overpriced the offering and may have been involved with tipping off some investors to the fact that there were problems with the deal; Nasdaq seemed unprepared for the IPO.
There have already been two settlements to come out of the Facebook IPO, including a $5 million fine that Morgan Stanley paid to the state of Massachusetts. Numerous other shareholder lawsuits are still pending.
Management changes, backpedaling, and a new sales contender. Some automakers had a great 2012, and some would like to move on to 2013.
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