My buddy works for a law firm and was telling me that they often represent technology companies when they IPO. It turns out there’s an intense amount of research that goes into the S-1 process. The law firm makes a huge spreadsheet, with each row representing a sentence from the S-1, along with evidence supporting the truth of that sentence. They do this because, if the price goes down after the IPO, there’s inevitably a lawsuit, and the company needs to justify everything it said in the IPO.