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
Group (online social networking) Group (online social networking) A group (often termed as a community, e-group or club) is a feature in many social networking services which allows users to create, post, comment to and read from their own interest- and niche-specific forums, often within the realm of virtual communities. Groups, which may allow for open or closed access, invitation and/or joining by other users outside the group, are formed to provide mini-networks within the larger, more diverse social network service. Much like electronic mailing lists, they are also owned and maintained by owners, moderators, or managers, who can editing posts to discussion threads