Cagle Toons say it best. Investors began dumping the stock as soon as it was offered.
Now that the stock as found a bottom, true fundamentals will determine the share price.
Yahoo Finance puts P/E ratios at: 81 for Facebook; 18 for Google; and 674 for Linked In.
I personally blame Facebook for much of poor performance by students. I would like to see the share price hit 10, as long as I don't own it.