Facebook has submitted a third amendment to the initial public offer documentation originally filed with the U.S. Securities and Exchange Commission on February 1.
Today’s filing discloses the company’s acquisition of 750 patents from IBM to defend against lawsuits by Yahoo and other companies. The previous amendment filed on March 7 alluded to the Yahoo case, whereas the latest filing elaborates a bit, saying:
We have not yet filed an answer or asserted any counterclaims with respect to this complaint. We intend to vigorously defend this lawsuit. This litigation is still in its early stages and the final outcome, including our liability, if any, with respect to these claims, is uncertain. If an unfavorable outcome were to occur in this litigation, the impact could be material to our business, financial condition, or results of operations.
The latest filing also provides an update on the ongoing litigation with Paul Ceglia, noting that Facebook has asked the court to dismiss the case. The social network had filed the motion for dismissal on March 26 with the U.S. Court for the Western District of New York.
The amendment also notes that users spend 10.5 billion total minutes per day accessing the site via personal computer. This augments previous filings that had put the number of active mobile users at about 432 million per month, without specifying the average amount of time spent.
This latest tally of time on PCs listed in the amendment amounts to 12.4 minutes per person daily if you assume there are no duplicates in Facebook’s count of 845 million users. However, the social network’s previous amendment to the IPO disclosed that up to five percent of the user count might include duplicate accounts.
Facebook has yet to schedule a date for the IPO itself, although some have speculated the transaction could occur in April or May because that’s when the company would have to start disclosing financial performance information publicly.
Of course, that motivation could change: U.S. lawmakers continue to debate legislation that could alter the so-called 500 shareholder rule, possibly raising the ceiling to 1,000 stockholders for privately held companies to not need to disclose financial performance to the public. That alteration was recommended by SEC Chairwoman Mary Schapiro in a letter to Congress last spring.
Meanwhile, Facebook has yet to supply a price range for its stock, although that would likely occur as the company gets closer to proceeding with the IPO. Speaking of which, readers, when do you think the social network will make its public debut?
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