Facebook was hesitant to disclose information to investors just weeks before its initial public offering, according to a new report from Bloomberg.
Bloomberg cited an exchange of correspondence between the social-networking company and the U.S. Securities and Exchange Commission (SEC).
Facebook and the SEC sent more than a dozen letters back and forth about what needed to be disclosed before the IPO. The letters were published by the SEC a month after the IPO and are available here.
The agency raised a number of issues with Facebook, and those matters are now of concern to investors, Bloomberg reported.
In particular, Bloomberg cited the question of whether Facebook could make money from mobile users, who receive fewer ads than other users do.
According to the Bloomberg report, the correspondence indicates that Facebook executives were withholding details until they were pressed by the SEC for further disclosure.
A spokeswoman for Facebook was reached by Bloomberg and declined comment.
Read the full report from Bloomberg here
