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
Facebook, Inc. v. StudiVZ Ltd. Court in California issued an order indicating its view that Germany was the more appropriate forum for the dispute, but withheld issuing a final order on the question until further review of the issues of personal jurisdiction could be addressed. The parties subsequently settled the California case, but continued the litigation in Germany in which the regional court of Cologne held that StudiVZ did not violate any intellectual property rights held by Facebook. Facebook, Inc. operates a social networking website, that was founded by Mark Zuckerberg in 2004 while he was a student at Harvard University. Since 2008 Facebook has