Facebook IPO fiasco lands Morgan Stanley a $5 million fine
Posted on December 17, 2012 at 17:14 PM EST
Massachusetts fined Morgan Stanley & Co. $5 million over how it handled certain aspects of Facebook's initial public offering in May. William Galvin, secretary of the commonwealth in the Bay State, said Morgan Stanley broke a 2003 securities regulation by coaching Facebook to give some financial information to analysts and insiders that was not shared with everyday investors. A Facebook (NASDAQ: FB) executive called analysts and told them revenue in the second quarter of 2012 would likely be lower…
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