Wednesday, January 25, 2012

Apple briefly takes No. 1 again from Exxon – USATODAY.com

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CNN/Time Poll: Dead heat in Florida ahead of debate – CNN Political Ticker - CNN.com Blogs

As I.P.O. Looms, Facebook Halts Clearing of Trades

As Facebook readies for an initial public offering, its lawyers are pressing the pause button on the trading process for shares of the social networking giant.

On Wednesday, Facebook’s law firm, Fenwick & West, halted the clearance of trades for Facebook shares on the secondary market, according to people with knowledge of the matter, who spoke on the condition of anonymity because the transactions were private. While trades may still occur on the secondary markets, the firm will not officially sign off on any transfers until Monday, the people said.

Facebook declined to comment. Fenwick & West did not respond to a request for comment.

The move comes as investors eagerly wait for Facebook’s prospectus, the first public step toward an I.P.O. The Internet company is widely expected to pursue a multibillion-dollar offering in the second quarter, at a valuation near $100 billion, according to people close to the company. The prospectus will provide investors with an in-depth picture of Facebook’s financials and business model, including how the world’s largest social network extracts money from advertisers and third-party developers.

While Wednesday’s move raised talk that a prospectus was imminent, the law firm has previously halted the clearance of Facebook trades, especially during increased activity on the secondary markets, where private shares are bought and sold. The action allows the law firm the opportunity to review recent transactions and update its records. Activity has been robust in recent months, in anticipation of Facebook’s filling, according to several people involved in the buying and selling of the company’s shares.

On Wednesday, Sharespost, a secondary market, announced that it sold a block of 70,000 shares on Jan. 20, at $34 a share. At that price, Facebook is valued north of $80 billion.

After such a sale agreement, Facebook has 30 days to exercise a right of first refusal, when it can step in and replace the buyer. If that period elapses without any action, Fenwick & West can clear the trade and officially transfer the shares to the new buyer.

Bloomberg News earlier reported on the delay.

House bids goodbye to Giffords

33% of GOP Voters Say It Would Be Good If New Candidate Entered Presidential Race - Rasmussen Reports™

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U.S. military forces helicoptered into Somalia and freed two hostages – USATODAY.com

Obama Outlines 'mission' Of Rebuilding American Dream, As Hurdles Await His Election-year Agenda | Fox News