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tony286 · 05-23-2012, 04:31 AM

this is interesting
http://www.dailytelegraph.com.au/new...-1226364499488

US REGULATORS will investigate claims that Morgan Stanley shared negative news about Facebook with major clients in the lead up to its initial public offering.

Allegations are flying that the IPO's lead underwriter Morgan Stanley only told its top clients it had reduced its revenue forecast for the tech giant, and did not spread the word to other investors.

The state of Massachusetts has subpoenaed the brokerage firm over its discussions with investors on Facebook.

"The Securities Division has put out a subpoena to Morgan Stanley in connection with the analyst's discussion with certain institutional investors about the revenue prospects for Facebook,'' a spokesman for Massachusetts Secretary of Commonwealth William Galvin said.

This comes amid reports that a senior Nasdaq official said that the index would have pulled the plug on Facebook's IPO if it had known the extent of technical problems.

05-23-2012, 04:31 AM
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	this is interesting http://www.dailytelegraph.com.au/new...-1226364499488 US REGULATORS will investigate claims that Morgan Stanley shared negative news about Facebook with major clients in the lead up to its initial public offering. Allegations are flying that the IPO's lead underwriter Morgan Stanley only told its top clients it had reduced its revenue forecast for the tech giant, and did not spread the word to other investors. The state of Massachusetts has subpoenaed the brokerage firm over its discussions with investors on Facebook. "The Securities Division has put out a subpoena to Morgan Stanley in connection with the analyst's discussion with certain institutional investors about the revenue prospects for Facebook,'' a spokesman for Massachusetts Secretary of Commonwealth William Galvin said. This comes amid reports that a senior Nasdaq official said that the index would have pulled the plug on Facebook's IPO if it had known the extent of technical problems.