Facebook's much-hyped initial public offering is turning into the strangest IPO in history, as the various players involved in the offering--Facebook, Morgan Stanley and Nasdaq OMX--confront unanswered questions, lawsuits and regulatory investigations stemming from last Friday's less-than-stellar public company debut.

Seemingly at every level--technological, investment, and legal-- Facebook's IPO has suffered from a series of embarrassing blunders that have tarnished the reputation of Nasdaq, which experienced a technical malfunction in its software and infrastructure, and the IPO's lead underwriter, Morgan Stanley, which has been criticized for the way it hyped, priced, and sized the deal.

Nasdaq OMX is under regulatory scrutiny for a series of technical glitches, while Morgan Stanley and other underwriters are facing allegations that they cut earnings projections and only informed select big institutional investors, which may or may not be a violation of securities laws.

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