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Rape Conviction Cleared, Thanks to Facebook

Brian Banks served five years in prison

(Newser) - A 26-year-old man has been exonerated of rape charges, with a big assist from Facebook. Brian Banks, who spent five years in prison on the charges, was, needless to say, surprised when the woman who claimed he raped her in 2002 added him as a friend on Facebook. He got...

NYC to Teachers: Don't 'Friend' Students

City sets new Facebook rules

(Newser) - Facing growing controversy over teachers contacting students online, New York City is taking matters into its own hands: The city has created its first set of rules regarding how teachers should operate on Facebook and beyond. Teachers are forbidden from "friending" students on Facebook and following them on Twitter,...

Facebook&#39;s Stock Should Trade at ... $13.80
Facebook's Stock
Should Trade at ... $13.80
analysis
May 25, 2012 12:44 PM CDT

Facebook's Stock Should Trade at ... $13.80

MarketWatch columnist has bad news for investors

(Newser) - Facebook shares are trading well south of the $38 IPO price, prompting Mark Hulbert of MarketWatch to wonder what the true price should be. Facebook investors might want to shield their eyes from his answer: $13.80. He derives the figure in part with the help of a new study...

Facebook IPO Cost Market Makers $100M

Nasdaq, market makers argue about who will eat losses

(Newser) - The technical glitches at Nasdaq that made Facebook's troubled IPO into an even bigger bungle cost four of Wall Street's biggest market makers big time—probably more than $100 million, reports Reuters . Trades are supposed to be honored in milliseconds, but technical problems delayed the social networking giant'...

Facebook Backers Helped Short Sellers

Morgan Stanley adjusting thousands of first-day trades

(Newser) - Some traders at the underwriters of Facebook's bungled IPO were busy aiding short sellers who bet the stock would drop in the days after its debut, the Wall Street Journal finds. Insiders say traders at JPMorgan and Goldman Sachs were loaning out the shares hedge funds needed to bet...

Facebook Unveils Its Own Photo App

Facebook Camera looks a lot like Instagram

(Newser) - Facebook is launching its own photo app—despite having just spent $1 billion to buy Instagram . The new program, called Facebook Camera, is separate from Facebook's main app. It's much quicker than browsing photos in the main app, and it offers full-bleed pictures that fill your iPhone screen,...

Facebook Investors Are &#39;Wall Street Suckers&#39;
Facebook Investors Are
'Wall Street Suckers'
OPINION
May 24, 2012 1:57 PM CDT

Facebook Investors Are 'Wall Street Suckers'

People ignored obvious problems: David Weidner

(Newser) - If you happen to be among those Facebook investors cursing the IPO's rough start, David Weidner at the Wall Street Journal has a little salt for your wound: You're probably an "old-fashioned Wall Street sucker," he writes. After all, the signs of "shifty business" were...

Facebook Is a Great Place to Find a Kidney

One study finds one in eight Facebook pleas successful

(Newser) - People are increasingly turning to social media to search for kidney donors—and it turns out Facebook is actually a pretty great place to find one. In a study of almost 100 Facebook pages set up for the purpose, researchers found that nearly one-third had potential donors step forward to...

Underwriters Score $100M in Messy Facebook IPO

Fidelity Investments, Capital Research among those warned ahead of time

(Newser) - New investors in Facebook may be steamed (and suing ) that their hot property has lost 16% of its value since the IPO Friday, but Facebook's underwriters are sitting pretty. Morgan Stanley and the other underwriters have made an estimated $100 million from stabilizing the buffeted stock, in addition...

Analyst on Facebook Flop: Hoodie Scared Investors

Michael Pachter says, 'I told you so'

(Newser) - Why is Facebook's stock languishing well below its IPO asking price? Blame Mark Zuckerberg's hoodie, says Michael Pachter. The Wedbush securities analyst was widely snickered at a couple weeks ago for complaining that Zuckerberg shouldn't have worn the hoodie on Facebook's "roadshow" for investors. Now,...

Shareholders Sue: Morgan Stanley, Zuckerberg, Facebook

Claim revised revenue forecasts were hidden from bulk of investors

(Newser) - Good thing Mark Zuckerberg has that new bride to be excited about, because his new billions are only bringing him headaches. Shareholders today filed a suit against Zuckerberg, Facebook itself, and a number of Morgan Stanley-led banks, arguing that all three kept secret a "a severe and pronounced reduction"...

Insiders Warned on Facebook IPO, Regulators Launch Investigation

Only big investors were tipped off to revised revenue forecast

(Newser) - Facebook's IPO is looking more disastrous by the day. Regulators are now probing reports that underwriter Morgan Stanley and other banks cut their revenue forecasts for the company just days before the IPO—but only advised major clients of the change. Insiders believe the revised forecast, which smaller investors...

Investor Sues Nasdaq as Facebook Drops Again

Lawsuit says exchange mishandled the IPO

(Newser) - Nasdaq has admitted that it bungled the Facebook IPO , and now an investor wants to make the exchange pay up. Maryland's Phillip Goldberg sued Nasdaq on behalf of all those who lost money because the exchange delayed their orders on the chaotic opening day, reports Reuters . He seeks class-action...

Facebook Could Kill the Web
 Facebook Could Kill the Web 
Michael Wolff
May 22, 2012 1:54 PM CDT

Facebook Could Kill the Web

Michael Wolff points out that, in the end, Facebook is just an ad-driven site

(Newser) - "Facebook is not only on course to go bust, but will take the rest of the ad-supported Web with it." That's the bold statement Michael Wolff makes in the MIT Technology Review today, and he insists he's not exaggerating. In the end, Facebook is just another...

Behind Facebook's Flop: Morgan Stanley Cut Forecast

Fingers pointing at Morgan Stanley for multiple reasons

(Newser) - Why did Facebook get off to such a rocky start on Wall Street? Well, it might have something to do with Morgan Stanley's decision to slash its revenue forecast at the last minute, Reuters reports. "This was done during the roadshow," says one mutual fund source. "...

Facebook IPO: The Emperor Has No Clothes
Facebook IPO: The Emperor Has No Clothes
OPINION Roundup
May 21, 2012 11:17 AM CDT

Facebook IPO: The Emperor Has No Clothes

Stock's rough first day has pundits asking if it's DOA

(Newser) - Facebook had a disappointing first day on the market, so much so that Dana Blankenhorn of TheStreet is calling the relatively cheery media coverage surrounding it "one of the great frauds in American history." Blankenhorn's reasoning: "If I can barely sell 15% of something at $38...

Facebook Stock Plummets
 Facebook Stock Plummets 
May 21, 2012 9:52 AM CDT

Facebook Stock Plummets

Second day on the market goes poorly without underwriter support

(Newser) - Facebook's underwriters pulled off the training wheels today, and the infant stock fell—hard. After a lackluster first day on the market, Facebook shares fell some 12% in the first minute of trading this morning, Reuters reports, dropping below the $38 IPO price to $33.67, where it continues...

Meet the New Mrs. Zuckerberg
 Meet the New Mrs. Zuckerberg 
May 21, 2012 9:04 AM CDT

Meet the New Mrs. Zuckerberg

Priscilla Chan is former science teacher ... and much more

(Newser) - Priscilla Chan has updated her status from Mark Zuckerberg's girlfriend to wife . Though we've long known she's the proud owner, with Zuckerberg, of a Hungarian sheepdog named Beast whose "favorite thing in the world [is] pooping on Mark's white rug," she has managed to...

Nasdaq: We Bungled Facebook IPO

CEO Robert Greifeld: Nasdaq is 'humbly embarrassed'

(Newser) - Nasdaq admitted today that it mishandled Facebook's record-busting IPO on Friday with maddening delays and technical glitches, the Wall Street Journal reports. "This was not our finest hour," said Nasdaq CEO Robert Greifeld, who called his exchange "humbly embarrassed." Nasdaq's board met today, he...

The 12 People You Shouldn't Unfriend on Facebook

You may have friended them randomly, but they're too entertaining to dump

(Newser) - Yes, some of your Facebook friends are annoying and probably have you wondering why you friended them in the first place. But on The Frisky , Ami Angelowicz encourages you to hold your horses before dumping them. If said questionable Facebookers fall into one of her 12 categories, you should definitely...

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