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Facebook, Banks Urge Judge To Dismiss IPO-Related Lawsuit

David Cohen — Wed, 01 May 2013 12:12:16 +0000

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.

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Facebook CFO David Ebersman: Instagram Is A ‘Formidable Competitor’

David Cohen — Thu, 28 Feb 2013 12:37:22 +0000

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.

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Massachusetts Slaps $5M Fine On Morgan Stanley Over Facebook IPO

Justin Lafferty — Mon, 17 Dec 2012 15:50:22 +0000

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.

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Morgan Stanley On FINRA Arbitration Claim Over Facebook IPO: Not Our Client

David Cohen — Tue, 06 Nov 2012 18:15:31 +0000

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.

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Facebook Halving Credit Line, Extending Term

David Cohen — Mon, 08 Oct 2012 12:35:35 +0000

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.

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Analysts From Facebook Underwriters Drop Their Price Targets

David Cohen — Tue, 04 Sep 2012 15:58:46 +0000

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.

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Underwriters Begin Receiving Their Shares Of Facebook IPO Profits

David Cohen — Fri, 17 Aug 2012 14:18:54 +0000

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.

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Nasdaq And Investors Suing It Ask Court To Separate Its Cases From Those Involving Facebook

David Cohen — Wed, 18 Jul 2012 11:00:24 +0000

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.

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Report: Mutual Funds Not Wary Of Facebook

David Cohen — Mon, 09 Jul 2012 14:43:23 +0000

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.

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Analysts Like Facebook’s Long-Term Prospects, But Still Unsure About Mobile Revenue

Justin Lafferty — Wed, 27 Jun 2012 20:03:40 +0000

It has been a rocky road for Facebook after its initial public offering. The reports of several Facebook underwriters were released Wednesday, as analysts feel that the company will be fine long-term, but there are still some lingering doubts about turning mobile usage into money.

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Defense Strategy Of Facebook, Underwriters: Consolidate Lawsuits, Blame Nasdaq

David Cohen — Fri, 15 Jun 2012 10:04:11 +0000

Facebook will reportedly file a motion, as early as Friday, to consolidate all of the lawsuits against the company related to its troubled initial public offering, and the motion is expected to include lead underwriters Morgan Stanley, Goldman Sachs, and J.P. Morgan.

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Texas U.S. District Court Dismisses IPO-Related Lawsuit Vs. Facebook

David Cohen — Thu, 14 Jun 2012 13:53:36 +0000

One of the many court cases involving Facebook’s troubled initial public offering was dismissed Wednesday, as a U.S. District Court in Texas ruled that sufficient grounds were not presented to file a lawsuit.

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Morgan Stanley CEO James Gorman To Worried Facebook Buyers: ‘We Are On Day Eight Here’

David Cohen — Fri, 01 Jun 2012 10:01:18 +0000

Morgan Stanley Chairman and Chief Executive Officer James Gorman appeared on CNBC’s “Closing Bell with Maria Bartiromo” Thursday afternoon, reiterating that his company did nothing improper in the run-up to Facebook’s initial public offering and urging patience with the social network’s slumping stock, saying, “The story isn’t over. Again, we are at day eight here. Give this a little bit of time.”

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Morgan Stanley Chairman/CEO James Gorman: ’100 Percent Within Rules’ For Facebook IPO

David Cohen — Wed, 30 May 2012 15:56:53 +0000

Speaking at a weekly strategy meeting that was webcast to employees, Morgan Stanley Chairman and Chief Executive Officer James Gorman addressed allegations of improper conduct prior to Facebook’s initial public offering, saying that the company worked “100 percent within the rules.”

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Allegations Continue To Mar Facebook IPO

David Cohen — Thu, 24 May 2012 12:00:36 +0000

Alleged questionable tactics by underwriters prior to Facebook’s initial public offering last Friday continue to surface, with the latest report involving Capital Research and Management.

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