Well, yes and no. Every disclosure document says something along the lines of "profits aren't guaranteed". But not every disclosure document says "we've lost shitloads of money and haven't made a profit".
I'm not sure where along the line IPOs changed from "profitable company raises money from the public" to "private investors parachute out and dump their losses on Joe Schmuck".
I'm not sure where along the line IPOs changed from "profitable company raises money from the public" to "private investors parachute out and dump their losses on Joe Schmuck".