Facebook is an American online social media and social networking service company based in Menlo Park, California. Its website was launched on February 4, 2004, by Mark Zuckerberg, along with fellow Harvard College students and roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes.
The founders initially limited the website's membership to Harvard students. ng the IPO.[69]
Facebook's IPO was consequently investigated, and was compared to a "pump and dump" scheme.[63][67][69][70] A class-action lawsuit was filed in May 2012 because of the trading glitches, which led to botched orders.[71][72] Lawsuits were filed, alleging that an underwriter for Morgan Stanley selectively revealed adjusted earnings estimates to preferred clients.[73]