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Prof. Joseph Foudy believes Facebook was valued too high

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Excerpt from International Business Times -- "'The fact that [Facebook has] gone down in price is purely a reflection of the initial offering price and the fact that it was so rich. I mean the company's valued at something like 75 or 100 times earnings and we really have no indication that its going to be able to earn the kind of revenue that would justify that valuation,' said Foudy."

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Additional coverage appeared on Reuters UK.