History of Facebook investigate whether banks underwriting Facebook had improperly shared information only with select clients, rather than the general public. Massachusetts Secretary of State William Galvin subpeonaed Morgan Stanley over the same issue. The allegations sparked "fury" among some investors and led to the immediate filing of several lawsuits, one of them a class action suit claiming more than $2.5 billion in losses due to the IPO. Bloomberg estimated that retail investors may have lost approximately $630 million on Facebook stock since its debut. History of Facebook Facebook is a social networking service launched on February 4, 2004. It was founded by
Privacy concerns with social networking services can be used in a positive way. While there is little doubt that employers will continue to use social networking sites as a means of monitoring staff and screening potential candidates, it has been noted that such actions may be illegal under in jurisdictions. According to Workforce.com, employers who use Facebook or Myspace could potentially face legal action: If a potential employer uses a social networking site to check out a job candidate and then rejects that person based on what they see, he or she could be charged with discrimination. On August 1, 2012, Illinois joined the state of