Facebook's big event, which many believe will be one of the largest initial public offerings in American history, is planned to take place this May, The Wall Street Journal reports.

The social network has been taking several steps to prepare for the imminent event, including halting trading of its shares on the secondary market, amending its filing with the Security and Exchanges Commission, meeting with investors, and urging a judge to dismiss an ongoing lawsuit over ownership of the company filed by Paul Ceglia.

Facebook has said it is looking to raise $10 billion in the IPO and many believe its valuation will rocket upwards of $100 billion. Last year, the company made a $1 billion profit on $3.7 billion in revenues.

[via WSJ]