Facebook Fought SEC To Keep Mobile Risks Hidden Before IPO

FACEPALM: Facebook Fought To Keep Mobile Risks Hidden Before IPO
FILE - In this Oct. 10, 2011 file photo, a magnifying glass is posed over a monitor displaying a Facebook page in Munich. Facebook is letting its nearly 1 billion users vote on changes to its privacy policy beginning on Friday, June 1, 2012. This is the second time Facebook let users vote on policy changes. The first time was in 2009 when Facebook was a much smaller, privately held company with about 200 million users (AP Photo/dapd, Joerg Koch)
FILE - In this Oct. 10, 2011 file photo, a magnifying glass is posed over a monitor displaying a Facebook page in Munich. Facebook is letting its nearly 1 billion users vote on changes to its privacy policy beginning on Friday, June 1, 2012. This is the second time Facebook let users vote on policy changes. The first time was in 2009 when Facebook was a much smaller, privately held company with about 200 million users (AP Photo/dapd, Joerg Koch)

A dozen letters, published a month after the May 17 IPO on the SEC's website, depict a management team hesitant to disclose information and still guessing at even rudimentary aspects of its business just weeks before the company held the largest-ever technology initial public offering. Many of the issues raised by the SEC and now unnerving investors were foreshadowed in the then-private correspondence between the SEC and Facebook.

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