Although investment advice is not within the normal purview of this blog, we did sound a sobering and skeptical note during the hoopla preceding the Facebook IPO.  Here we are a mere 90 days later, and the share price has dropped nearly 50%.  We are not ready to flash the “buy” signal yet, but on pure speculation we are putting in a small limit order at $15, roughly 25% below the current market.  You cannot accuse this blog of engaging in pump and dump.



The long-awaited initial public offering of Facebook is fast upon us, and the press is awash with fawning stories about its hoodie-wearing CEO and how he is re-writing the rules of corporate management.  (Suggestion:  Place these stories in a time capsule to be opened in, say, 2017, with hiliarity to ensue.)  With respect to the IPO at least, it appears that the suits are firmly in control.  The prospectus—other than the ringing preamble “our mission is to make the world more open and connected” and a letter from the CEO describing his management philosophy, the “Hacker Way”—is rather conventional, old school, and boilerplate.  It should provide ample cover against the securities fraud lawsuits that will be brought by investors who are carried away by some of the utopian hype being broadcast through informal channels.


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  • Gary A. Rosen

    Gary A. Rosen, a lawyer, has litigated copyright, patent, and other intellectual property cases for more than 25 years, and is a Lecturer in Legal Studies at the University of Pennsylvania's Wharton School. Before entering private practice, he served as a law clerk to federal appellate judge and award-winning legal historian A. Leon Higginbotham, Jr. He holds a degree in physics from Haverford College and graduated magna cum laude from the University of Michigan Law School. He and his wife Lisa, a physician, and their two children live outside Philadelphia.
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