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
Social networking service 10% in 2006. Whether it is the cost of the services, the variety of users with different intentions, or any other reason, it is undeniable that social networking sites are quickly becoming the new way to find dates online. The National School Boards Association reports that almost 60% of students who use social networking talk about education topics online, and more than 50% talk specifically about schoolwork. Yet the vast majority of school districts have stringent rules against nearly all forms of social networking during the school day—even though students and parents report few problem behaviors online. Social networks focused