Or even worse, wait in line and pay a premium price? 

FB is of course the new ticker for Facebook, Inc. when it goes public sometime in the next few months (still deciding between NYSE and NASDAQ). Everyone expects it to become the hottest IPO in recent memory, as investors call in favors from brokers to fight over scarce shares.

Others have studied the prospectus, and found many distinctly investor-hostile governance terms. 

See our current blog post for why Facebook and others like it offer a simple lesson about how investors can avoid activist situations before they ever become necessary, or can pick activist situations that are most likely to succeed.