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In 2012, Facebook Inc. filed with the SEC a registration statement under the Securities Act of
1933, pursuant to which Facebook would make a public offering of securities. During the
waiting period prior to the effective date of the registration statement, Facebook determined
that, at least in the short term, it was not able to monetize its mobile application as quickly and
as well as it had monetized its desktop application. That was an important discovery because
Facebook users were rapidly moving to exclusive or primary use of mobile applications,
especially on smartphones. What did Facebook do with the new information to ensure it
complied with Section 11 of the 1933 Act?

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