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Facebook to Halt Secondary-Market Trading: Report

MENLO PARK, Calif. (TheStreet) -- Facebook, which is gearing up for its much-hyped IPO, will soon halt trading of its shares on secondary markets such as SharesPost and SecondMarket, according to a Bloomberg report.

Citing unnamed sources, Bloomberg reports that representatives of Facebook instructed the firms that facilitate transactions involving shares of closely-held private companies to cease trading by the beginning of April.

Facebook will halt secondary market trading by the beginning of April, according to Bloomberg.

With its IPO looming, the move will give the social networking giant time to account for its shareholder base, according to Bloomberg's sources.

Facebook declined to provide comment for this story when contacted by TheStreet.

The Menlo Park, Calif.-based firm, which hopes to raise $5 billion from its IPO, is expected to go public in mid-May in the largest-ever tech offering.

Facebook amended the registration statement for its IPO earlier this week to reflect a lawsuit filed earlier this month by Yahoo!(YHOO) .

--Written by James Rogers in New York.

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