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 on social networking sites, as well as the ability to hide behind a pseudo-identity, such sites have become increasingly popular for sexual prostetuited [online]. Further, lack of age verification mechanisms is a cause of concern in these social networking platforms. However, it was also suggested that the majority of these simply transferred to using the services provided by Facebook. While the numbers may remain small, it has been noted that the number of sexual prostetuites caught using social networking sites has been increasing, and has now reached an almost weekly basis. In worst cases children have become victims of pedophiles