Facebook prospectus in the works?

Facebook's lawyers, Fenwick and West, recently halted trades of its shares on the secondary market - where private shares are bought and sold, The New York Times reports. Trades may still occur on the market, but the firm vowed to not sign off on any transfers until Monday.

While the move was seen primarily as a way for the lawyers to review recent transactions and update records, some insiders view it as an opening to create a prospectus - typically the first step towards an initial public offering.

Sean Parker, Facebook's first president, backed this notion.

"It is inevitable that Facebook will go public (and it could be) the largest offering in history," he said in a recent interview with CNBC.

The Times adds that Facebook is expected to pursue a multibillion-dollar offering during 2012's second quarter after receiving ample technology consulting. The valuation is predicted to reach $100 billion.

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