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 sexual predators. For instance, there is a study which suggests the children are not too far from inappropriate content on YouTube. Overuse of social networking may also make children more susceptible to depression and anxiety. Governments are taking action to better understand the problem and find some solutions. A 2008 panel concluded that technological fixes such as age verification and scans are relatively ineffective means of apprehending online predators. In May 2010, a child pornography social networking site with hundreds of members was dismantled by law enforcement. It was deemed "the largest crimes against children case brought anywhere by anyone".