Economy
In reply to the discussion: STOCK MARKET WATCH -- Tuesday, 22 May 2012 [View all]Eugene
(61,819 posts)Source: Reuters
Exclusive: Massachusetts subpoenas Morgan Stanley for Facebook
By Jessica Toonkel
NEW YORK | Tue May 22, 2012 6:22pm EDT
(Reuters) - Massachusetts Secretary of Commonwealth William Galvin has issued a subpoena to Morgan Stanley over an analyst's discussions with investors on Facebook
"The Securities Division has put out a subpoena to Morgan Stanley in connection with the analyst's discussion with certain institutional investors about the revenue prospects for Facebook," a spokesman for Galvin's office said on Tuesday.
"Morgan Stanley followed the same procedures for the Facebook offering that it follows for all IPOs. These procedures are in compliance with all applicable regulations," a Morgan Stanley spokesman wrote in an e-mailed statement.
The analyst's revisions came after Facebook revised its prospectus on May 9, which the firm forwarded to all of its retail and institutional clients, according to the statement.
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Read more: http://www.reuters.com/article/2012/05/22/us-facebook-galvin-idUSBRE84L1BS20120522