Interesting. I wonder what effect trading on Second Market had on FB's IPO. It could well be that people were gobbling up FB stock in expectation of the IPO pop. When that fizzled, they may well have dumped that stock, leading to the later depressed pricing.

Now, this is all contingent upon how much stock was being moved on SM, and the blackout period I suspect was in place preventing its trading. Still, I'd be interested in an analysis of SM's impact.