Somewhat revisionist it seems from the WSJ, I can't recall any point in the lead up to IPO that they published anything that alluded to problems on the near horizon.
http://online.wsj.com/article/SB1000142405270230387960457740...
The problem is knowing whether to believe them or not.
(Like Wanamaker said about advertising, something like "I know 50% of my ads work but I don't know which 50%")
The point is that this columnist is not being revisionist.
I don't think this is done anymore but stock brokers used to call prospects with hot stock tips saying "not asking you to buy this today". Not everyone got the same tip of course. They would then call back weeks later but only call the people who they had told about a stock that increased saying "see I was right, now buy this stock from me now". (A variation was in "Boiler Room" I believe).
http://sec.gov/Archives/edgar/data/1326801/00011931251203451...
Risks Related to Our Business and Industry:
In 2009, 2010, and 2011, advertising accounted for 98%, 95%, and 85%, respectively, of our revenue.
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increased user access to and engagement with Facebook through our mobile products, where we do not currently directly generate meaningful revenue, particularly to the extent that mobile engagement is substituted for engagement with Facebook on personal computers where we monetize usage by displaying ads and other commercial content;
...
Growth in use of Facebook through our mobile products, where we do not currently display ads, as a substitute for use on personal computers may negatively affect our revenue and financial results.