News summary: Morgan fined $5M for Facebook IPO

Published on NewsOK Modified: December 17, 2012 at 4:22 pm •  Published: December 17, 2012
Advertisement
;

FACEBOOK FINE: Morgan Stanley has agreed to pay Massachusetts $5 million for arranging with Facebook to disclose a revenue shortfall to certain analysts ahead of Facebook's IPO.

SECRET STUFF: Authorities say Facebook lost confidence in its estimate for $5 billion in revenue for 2012, and Morgan Stanley arranged for the information to be shared by phone with analysts at major underwriters. After the briefings, analysts cut their forecasts by 3 percent.

SHARE ACTION: Facebook shares opened at $38 in May, and barely closed above that on the first day of trading. On Monday, they fell 3 cents to $26.78.


Advertisement


Trending Now



AROUND THE WEB

  1. 1
    Stephen Colbert visits Davis Letterman
  2. 2
    Macklemore hits sour note with his Jordan shoe
  3. 3
    Cuba Gooding Jr.'s Wife Sara Kapfer Files For Divorce After 20 Years of Marriage
  4. 4
    Teen's victory over McDonald's Happy Meal toys
  5. 5
    Police Twitter campaign backfires badly
+ show more