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Facebook stocked opened at $19.93 a share on Wednesday and continued to recede farther from the $20 mark in early trading after a negative report in _Bloomberg_ raised concerns about the strength of the company’s advertising model.

According to _Bloomberg_, Facebook’s management team repeatedly tried to withhold or misrepresent information about the effectiveness of its advertising strategy and the company’s ability to monetize on mobile in conversations with the Securities and Exchange Commission during the lead-up to the IPO.

In one instance, Facebook executives reportedly double-counted some mobile users. In another instance, the Facebook team made claims about the potential for i…
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