Underwriters - AllFacebook

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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Another IPO-Related Lawsuit Filed Vs. Facebook

David Cohen — Tue, 05 Mar 2013 10:49:01 +0000

Facebook’s recent string of court victories will be tested by yet another lawsuit related to its bungled May 18 initial public offering, this one filed by shareholder Gaye Jones.

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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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What Role Did Facebook’s Underwriters Play In Stabilizing The Stock’s Price On Its IPO Day?

David Cohen — Wed, 31 Oct 2012 19:18:52 +0000

Facebook’s initial public offering launched May 18 at $38 per share, and the social network’s stock ended the trading day up just 23 cents. But according to a blog post on Liberty Street Economics, Facebook’s underwriters were a major factor in keeping the stock from plummeting on its first day.

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Citigroup Fined $2M In Massachusetts Over Pre-IPO Disclosure Of Facebook Documents

David Cohen — Fri, 26 Oct 2012 11:27:21 +0000

The state of Massachusetts fined Citigroup $2 million after finding that one of the company’s junior analysts improperly disclosed confidential information prior to Facebook’s May 18 initial public offering, according to reports.

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Report: SEC Finds No Evidence That Facebook Withheld Information From Investors Pre-IPO

David Cohen — Mon, 22 Oct 2012 16:18:58 +0000

A source familiar with the Securities and Exchange Commission told Bloomberg that while the agency’s investigation of Facebook over its actions prior to its May 18 initial public offering is still ongoing, no evidence has been found that the social network withheld material information from investors.

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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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Nasdaq’s Robert Greifeld Blames ‘Arrogance,’ ‘Overconfidence’ For Facebook IPO Issues

David Cohen — Mon, 25 Jun 2012 10:30:22 +0000

Nasdaq Chief Executive Robert Greifeld blamed the technical issues that affected Facebook’s initial public offering on “arrogance” and “overconfidence” while speaking at a conference of corporate directors at Stanford University’s Law School Sunday.

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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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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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