If you didn’t “like” how Facebook’s once eagerly-awaited, now much maligned, Initial Public Offering went down, you may be heartened to hear that the Securities and Exchange Commission may have been prodded into action. Specifically, it is reviewing the “quiet period” pre-IPO companies are supposed to abide by and evaluating existing rules for pre-issuance communications.
“Ensuring that our communications rules facilitate, not hinder, the ability of an issuer to communicate with all investors is an important aspect of the staff’s review of these rules,” SEC Chairman Mary Schapiro wrote last week to Rep. Darrell Issa (R-Calif.), chairman of the House Oversight Committee.
