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 do not personally know. Cases have also appeared of users having photographs stolen from social networking sites in order to assist in identity theft. There is little evidence that users of social networking sites are taking full measures to protect themselves from identity theft. For example, numerous celebrities have claimed their Twitter accounts have been hacked. According to the Huffington Post, Bulgarian IT consultant Bogomil Shopov claimed in a recent blog to have purchased personal information on more than 1 million Facebook users, for the shockingly low price of US$5.00. The data reportedly included users' full names, email addresses, and