Given the malfeasance shown by the Morgan Stanley underwriters and ineptitude of yet another "too-young to be CEO" CEO, the facebook IPO fell on its face.
The 'insiders' of course got paid, but the rest of investors have been hurt because of greed, and mismanagement.
In addition, on the opening of FB, Nasdaq stock execution failed and blocked limit-order entry and confirmation thereby rendering investors temporarily blind to their positions.
Therefore a stockholder law suit is the remedy - claw back from Morgan Stanley the fees, and roll-back orders that didn't return a confirm immediately after execution.