Sheryl Sandberg of Facebook says her company going public will mean more jobs. (Photo by Nadine Rupp/Getty Images)
You can't blame Facebook chief operating officer Sheryl Sandberg for not wanting to talk to reporters while giving a keynote speech to the 2012 graduating class of her alma mater, Harvard University. But but she also probably didn't want to talk about the class-action lawsuit and the tech company's troubled initial public offering last week.
So far, bigwig at Facebook has made a comment -- likely because chief executive officer Mark Zuckerberg is on his honeymoon, and likely because they have been cautioned by legal counsel. Zuckerberg, however, has been busy. He unloaded 30.2 million Facebook shares (at $37.58 apiece) on Tuesday for a grand total of $1.1 billion in cash, according to the New York Times. However, this isn't party money -- it will probably be used to pay his tax bill on $4.2 billion he made on the company going public, Reuters reported.
The lawsuit, where shareholders are suing Facebook, Zuckerberg, Goldman Sachs, JP Morgan Securities, Morgan Stanley and several other Wall Street banks, alleges that the IPO underwriters misled shareholders about revenue projections.
It seems even Facebook spokesman aren't even answering questions anymore. Bloomberg Businessweek got a big goose egg when it asked spokesman Larry Yu about the IPO.
Soon, the company will have to comment publicly about the IPO either in the press or in the courtroom.