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11/07/2012

News/FINRA: Morgan Stanley and Facebook Investor Are Not Friends

Lead Underwriter in Facebook IPO Seeks to Avoid FINRA Arbitration With Facebook Investor

     On November 6, 2012, Suzanne Barlyn reported for Reuters that Morgan Stanley, a lead underwriter for the Facebook IPO, has filed a complaint in federal court in Manhattan seeking an order to stop FINRA arbitration initiated by a Facebook investor who alleges she took a financial drubbing in the recent Facebook IPO.  Morgan Stanley asserts that the investor, who ordered shares through Vanguard Financial Group Inc., was not Morgan Stanley’s customer. 

     The investor, a widow and retired schoolteacher (but of course!), alleges that Morgan Stanley “informed their own privileged clients” it was downgrading its outlook for the stock, while issuing more shares at the same time.

Posted by on 11/07/2012 at 06:01 PM in Arbitration: FINRA, News |

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