Then, stories from Reuters and the Wall Street Journal, among others, reported that a Morgan Stanley analyst had cut his revenue forecast for Facebook in the days before the offering, and may have only told top clients verbally, rather than spreading the word publicly. If true, this action could be interpreted as an infraction of financial laws, and now spokesmen from U.S. House and Senate committees monitoring the financial sector, as well as the state of Massachusetts, say they are looking into the matter.

Problems with the Nasdaq computer system on the day of the IPO made matters worse.

The and a number of trading firms lost money due to mismatched Facebook share prices. About 30 million shares' worth of trading were affected, the exchange estimated.

The multiple underwriters, the price and size of the offering, the technical glitches, not to mention the nature of Facebook itself, all combined to form a perfect storm unlikely to be repeated.

"It was a one-time event, a media blitz combined with a Wall Street blitz," said IPO Scoop.com's Fitzgibbon.