As far as I know, it's this: Facebook's IPO roadshow started around May 7th. This was basically Zuckerberg and the underwriters going around and selling stock

As far as I know, it's this: Facebook's IPO roadshow started around May 7th. This was basically Zuckerberg and the underwriters going around and selling stock to investors. On May 9th, Facebook released an updated S-1 filing to the SEC. This was made public at the time. It's here: http://www.sec.gov/Archives/edgar/data/1326801/000119312512222368/d287954ds1a.htm http://www.sec.gov/Archives/edgar/data/1326801/0001193125122... Immediately after that, the underwriters(Morgan Stanley, Goldmans, and Merrill Lynch) updated their growth estimates downward to reflect the fact that Facebook made less money in Q1 2012 than in Q1 2011. They notified a subset of their paying clients about this. That's where part of the issue is. SEC rules also bar underwriters from making public statements about IPO's that they're involved in, which is probably the primary reason that the analysis was not made public. EDIT: More context.