Facebook, One Year Later: What Really Happened in the Biggest IPO Flop Ever

After Facebook's disastrous debut, the preferred clients of big banks walked away with huge profits. How? Public documents and interviews with dozens of investment bankers and research analysts reveal that the Street caught wind of something the public didn't. The social network and the banks told half the story. Here is the other half.

20 May 2013 ... Saturday, May 18, marked the one-year anniversary of the IPO. Facebook's shares closed Friday at $26.25 -- exactly $15 below her purchase ...

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