This probably seemed really funny until they heard about the court order.

A few anonymous Facebook users—most likely students—created a fake profile for the dean of Roncalli High School, a Catholic prep school in Indianapolis, then sent out messages and images from the account to other students. The profile has since been pulled down, but the dean sued Facebook to find out who created it.

The New York Times reported yesterday that Facebook, the hugely successful social-networking site, is going to settle its disagreement with the founders of semi-rival ConnectU. The ConnectU founders all attended Harvard with Facebook's Mark Zuckerberg, and say that after they hired him to work on their idea for a kind of dating site called Harvard Connection, he stalled instead, and developed his own project while halting progress on theirs. According to ConnectU, Zuckerberg basically grabbed their idea and turned it into Facebook. Another ex-Harvard entrepreneur has made similar claims, but doesn't plan to sue.

MySpace, the popular online community and social networking site, announced plans to add games, email and other features developed by outside providers next month. Adding applications from the outside is possible now, but its a little too difficult for the average member, involving cutting and pasting the relevant code from a third party.

The social-networking site Facebook may have to find another way to cash in on its huge user base. The company's new "social ads" program, called Beacon, has been controversial, forcing company founder Mark Zuckerberg (pictured here) to apologize, and tell users that they can turn it off if they like.

With Beacon, if a user bought a ticket through the movie site Fandango.com, his or her entire network would be informed. This didn't go over well. Moveon.org put together a protest and overstock.com, one of Facebook's ad partners, backed out after getting too many complaints. So, it looks like the company will keep looking for less invasive or annoying ways to generate revenue, and justify its enormous valuation. This isn't necessarily a devastating blow to Facebook, though. Some experts say the company simply needs to learn how to mind its manners, and all will be well again in its corner of Web 2.0.—Gregory Mone

Today on PPX we have halted not one, not two, no, not even three, but FOUR propositions—all of them paying out at POP$0. No surprises here—all of the stocks in question had been trading below $10 for several weeks.

In summary, Digg.com was not shut down, no NASA bigwigs were fired, the iPhone was not recalled, and Facebook.com did not go public:

DIGGRIP: halted at POP$0.50

PNKSLP: halted at POP$2.50

FACEBOOK: halted at POP$5.25

IPRECAL: halted at POP$0.25

As always, happy trading! —John Mahoney