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 Egan, Facebook will continue to do their part to protect the privacy and security of their users. The relative freedom afforded by social networking services has caused concern regarding the potential of its misuse by individual patrons. In October 2006, a fake MySpace profile created in the name of Josh Evans by Lori Janine Drew led to the suicide of Megan Meier. The event incited global concern regarding the use of social networking services for bullying purposes. In July 2008, a Briton and a former friend was ordered to pay a total of GBP £22,000 (about US$44,000) for libel and