It was the biggest lead balloon to crash on Wall Street in years. On May 8, 2012, Nasdaq opened Facebook's initial public offering at $38 per share. The price plummeted. Investors lost hundreds of millions of dollars. Now litigation over the botched IPO is moving forward - not just against Facebook, but also Nasdaq.
Lawsuits Against Facebook, Nasdaq Over IPO Move Forward
The National Law Journal
September 17, 2013