Seventeen years ago, Sheryl Sandberg ’91, M.B.A. ’95, was sitting among her Harvard Business School (HBS) classmates, listening to the invited speaker for Class Day. This year, now as chief operating officer of Facebook, she was that speaker. In her May 23 remarks, she endeavored to give the new graduates advice she could have used as a young professional, and also advice that reflected the ways the world has changed since she graduated. Sandberg’s class was the first at HBS to try an “online course,” she said; in those days, that meant the entire class signed into an AOL chat session, connecting via dial-up. A list of screen names was distributed in advance, since at the time it was “unthinkable” to use one’s real name ... Continue reading →
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Editor's Picks Facebook Goes on Defense Over Lawsuit May 23, 2012 - 2:04 - FBN's Shibani Joshi on Facebook's statement on the lawsuit. Continue reading →
Facebook (FB) and lead underwriter Morgan Stanley (MS) were reportedly hit with another shareholder lawsuit on Wednesday over the social network’s controversial initial public offering. The latest lawsuit comes even as Facebook’s shares looked to end their two-day plunge amid a pair of conflicting analyst notes on the company’s valuation. Facebook shares were recently up 3.50% to $32.21. According to Reuters, Facebook shareholders filed suit against the social network and banks including Morgan Stanley on Wednesday in U.S. District Court in Manhattan, alleging the defendants concealed a weakened growth forecast prior to the high-profile IPO. Research analysts at several underwriters slashed their revenue forecasts for Facebook during the IPO marketing process, but “selectively disclosed” the new guidance to just “certain preferred investors” instead of the ... Continue reading →
A Senate committee is reviewing Facebook’s problematic stock offering amid questions about whether the bank handling the IPO gave select clients a negative assessment of the company. A Democratic aide to the Senate Banking Committee said Wednesday that members want to know more about the initial public offering. The aide said members of the Democrat-controlled committee want to meet with Facebook executives and regulatory agencies for an informal inquiry. The aide spoke on condition of anonymity because the committee's planned inquiry hasn't been publicly announced. Regulators are examining whether lead IPO underwriter Morgan Stanley selectively informed clients of an analyst's negative view of Facebook's prospects before the high-profile stock offering last week. A group of shareholders have sued Facebook and the investment bank, alleging the ... Continue reading →
