Morgan Stanley Fined $5 Million over Facebook IPO Leaks
- OurStudio
- Dec 17, 2012
- 1 min read
Massachusetts officials say they are fining investment bank Morgan Stanley $5 million for disclosing a revenue shortfall with analysts and institutional investors but not the general public ahead of Facebook's troubled IPO in May.
Facebook filed amended documents on May 9 with securities authorities, but Morgan Stanley organized phone calls with analysts to relay revenue figures that the amendments didn't include. Those numbers were lower than what many analysts had expected.
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