Zuckerberg underfire following IPO bungle up

Zuckerberg underfire following IPO bungle upWashington, May 23 : Facebook founder Mark Zuckerberg has come under fire for going missing from the public eye, since firm's disastrous IPO bungle.

Zuckerberg's last public appearance was when he rang the Nasdaq opening bell the day the shares went public. But apart from a wedding picture posted over the weekend, the Facebook chief has been missing in action.

In the five days since the company went public, investors have filed lawsuits against the social networking giant over the deal which was fumbled by its major underwriters and complicated by technical problems at the Nasdaq stock exchange.

The lawsuits filed were reportedly over claims that profit warnings were "selectively shared" before the company went public last week.

According to the Herald Sun, the company's share price has slumped 16 per cent below the US 38 dollar listing price.

Susan Heron, CEO of the Australian Institute of Management for Victoria and Tasmania, said people were looking at Zuckerberg as a leader to give them clarity, answers and comfort.

"Facebook is the product and the brand and Zuckerberg is critically linked to the brand and it's built around him," she said

Yesterday, Zuckerberg completed the a US 1.1 billion dollar transaction of 30.2 million shares that he sold in the company''s IPO, when he sold them for 37.58 dollars a pop.

"Quite frankly the leadership team around Zuckerberg has failed, they haven't done a good enough job. He should be working with his team and advisers that he used on the float and he should be coming out and filling the vacuum that is there on info and giving people the answers," Heron declared. (ANI)

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