So these people bought it at $38 or whatever. And now they've lost money because "the true facts" came out. When exactly did that happen? What's the timeline here?
Immediately after that, the underwriters(Morgan Stanley, Goldmans, and Merrill Lynch) updated their growth estimates downward to reflect the fact that Facebook made less money in Q1 2012 than in Q1 2011. They notified a subset of their paying clients about this. That's where part of the issue is. SEC rules also bar underwriters from making public statements about IPO's that they're involved in, which is probably the primary reason that the analysis was not made public.
