updated 04:00 pm EDT, Tue April 24, 2012
Facebook IPO to be delayed due to SEC process
Facebook's Initial Public Offering (IPO), believed to be scheduled for May, could be delayed, insiders have revealed to CNBC. This is reportedly due to a number of acquisitions and other distractions, which could lead to a delay of selling shares from the originally-believed week of May 14. Initial trading is now expected to come sometime in early to mid-June.
One source believed Facebook may have four alternate plans for its IPO. This may suit the social network just fine, however, as the Memorial Day holiday on May 28 is likely to make the stock market less receptive to a sale of new shares.
Facebook recently purchased Instagram for $1 billion and 650 patents from Microsoft for $550 million. These purchases could push the IPO back, as the SEC would need more time to do its due diligence regarding these purchases.