Facebook and its co-defendants — banks including Morgan Stanley, the lead underwriter of its initial public offering — are seeking dismissal of a lawsuit on the grounds that the social network had no obligation to publicly disclose internal projections on how increased mobile usage and product decisions might affect future revenue.
Vine has added sound and motion to the popular microblogging website, Twitter. Learn how to bring your information to life in our Vine webcast on Wednesday, June 19 from 4-5 pm ET. In this one-hour webcast, Gemma Craven (left), EVP, New York group director at Social@Ogilvy will discuss best practices for using the visual social platform and share some of her team's successful vine videos. Register here. 
Facebook Chief Financial Officer David Ebersman spoke about a “formidable competitor” at the Morgan Stanley Technology, Media, & Telecom Conference in San Francisco Wednesday, but the social network happens to own that competitor: photo-sharing application Instagram.
Morgan Stanley, which served as one of the lead underwriters for Facebook’s much-hyped initial public offering, is coming under scrutiny by the state of Massachusetts. The state fined Morgan Stanley $5 million, claiming that the financial firm helped Facebook leak sensitive information to select companies, creating an unfair playing field for investors.
Investor Uma Swaminathan of East Brunswick, N.J., filed a claim with the arbitration unit of the Financial Industry Regulatory Authority in July, regarding Morgan Stanley’s role in Facebook’s botched initial public offering. However, there’s one problem: Morgan Stanley said Swaminathan was not one of its customers.
Facebook is tweaking its credit line due to a reduction in its potential tax liability, halving the total to $1.5 billion from $3 billion, but extending its term to three years from one year, according to reports.
The bad news related to Facebook stock continues to roll in, with analysts for two of the social network’s largest underwriters, Morgan Stanley and J.P. Morgan, lowering their price targets, according to reports.
Lead underwriter Morgan Stanley began doling out the $100 million or so in profit earned by banks as a result of Facebook’s initial public offering to the rest of the underwriters, according to reports.
Nasdaq exchange parent Nasdaq OMX Group and investors that are suing the company filed papers with the U.S. Judicial Panel on Multi-District Litigation in Manhattan Monday asking that their lawsuits be kept separate from the dozens of suits by Facebook shareholders against the social network due to its bungled initial public offering, Reuters reported.
Facebook’s initial public offering may not have lived up to expectations on the Nasdaq exchange, with the stock slumping from its $38-per-share debut May 18 to approximately $32.25 at the time of this post, but that hasn’t stopped at least 160 U.S.-based mutual funds and exchange-traded funds from adding the social network to their mix.
It has been a rocky road for Facebook after its initial public offering. The reports of several Facebook underwriters were released today, as analysts feel that the company will be fine long-term, but there are still some lingering doubts about turning mobile usage into money.
