Facebook weren't forced to the markets and the management weren't forced into the valuation.
The valuation was obviously too high and anyone sensible was shorting the stock like crazy, knowing that it was all coming crashing down.
Does anyone know anybody that has clicked on a Facebook ad, let alone bought anything off the back of it? Every single piece of evidence or investigation into the long term effectiveness of FB advertising must have made harrowing reading for management.
Apple trading at c. 13, Google at c. 19. It doesn't take a genius to work out that even with expected growth (and Facebook is likely to deliver growth, especially as it branches out into the Indian market) it was way over the top.
And it has been damaging for Facebook so management should have done more.