They will be sued. Their commission was also the lowest compared to the other IPOs. The winners will be short sellers. I see FB at 25 in a week.
With the gazillion disclaimers with every IPO do you really think that the whole point isn't for the underwriters and the execs to come out ahead? It seems obvious to me, but for those that live in fantasy land I guess assuming every IPO will go up 100 points on opening is the norm. A long time ago I was in an airline IPO that made me 30% in one day. If they were so good I could always reenter, but 30% in one day? Why screw around? Facebook had issues unrelated to the underwriters, and if not for those problems, quite a few people could have turned a pretty penny that first day.
This shoe is falling off and it is falling off pretty bad. Almost no support. Insiders are still unloading. Market cannot keep up with them.