Secular Café: Facebook IPO scandal brewing?

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Facebook IPO scandal brewing? May 23rd 2012, 07:48 This could get nasty. A lot of people who bought on Day One are probably looking for someone to blame anyway. Is this the smoking gun? http://www.telegraph.co.uk/technolog...res-slide.html Quote: Shares in Facebook tumbled 8.9pc amid reports that two of the banks that helped advise Facebook on the IPO cut their sales forecast for the social networking site over the last fortnight. The reductions from Morgan Stanley and Goldman Sachs may not have reached all investors before they bought shares in the $104bn float, the Wall Street Journal reported. "The allegations, if true, are a matter of regulatory concern," said Rick Ketchum, the head of the Financial Industry Regulatory Authority. That was a view that appeared to be echoed by Mary Schapiro, the head of the Securities and Exchange Commission. "There is a lot of reason to have confidence in our markets and the integrity of how they operate, but there are issues we need to look at specifically with regard to Facebook," said Ms Schapiro. The state of Massachusetts also said that it is seeking information about discussions that Morgan Stanley had with potential investors over Facebook's future revenues.

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