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 invasions of privacy. In an educational setting, Facebook, for example, is seen by many instructors and educators as a frivolous, time-wasting distraction from schoolwork, and it is not uncommon to be banned in junior high or high school computer labs. Cyberbullying has become an issue of concern with social networking services. According to the UK Children Go Online survey of 9- to 19-year-olds, it was found that a third have received bullying comments online. To avoid this problem, many school districts/boards have blocked access to social networking services such as Facebook, MySpace, and Twitter within the school environment. Social networking