Not the first time UWs get a IPO wrong.
NASDAQ screwed up the offer and trade, however another issue was that Facebook expected a huge pop for their investors. Investors where opimistic to do the quick sell.
Where can the stock trade to? It may hit down to $20 a share. Hopefully the stock wont crash, but this was a very expensive price and the UWs should have been more careful. More on this story at http://www.cnbc.com/id/47565498/Facebook_IPO_Fiasco_10_Things_Underwriters_Got_Wrong