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Bob Murphy Comments on Facebook IPO Process: “Tweaks could hurt investors”

June 28, 2012

In an interview published in Ecommerce Times, Bob Murphy, a member of Dykema’s Business Services Department and Public Company practice, challenges the widely held belief that underwriters held back information about Facebook’s potential revenue performance as they conducted their investor "road show."

“I don’t buy that people didn’t have access to this information,” Murphy says.  He also observes that the process of having underwriters set prices for IPOs is the best the market has to offer, and that tinkering with the system—such as creating a separate tranche for retail investors—could cause more harm than help.

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