clock menu more-arrow no yes

Filed under:

Morgan Stanley reportedly fined $5 million by Massachusetts over Facebook IPO

New, 3 comments
Facebook Android stock
Facebook Android stock

Facebook's much-ballyhooed IPO quickly gave way to accusations and recriminations, and according to Bloomberg TV banker Morgan Stanley has now been fined by the State of Massachusetts in connection with the situation. It's not clear yet what issues the $5 million fine is redressing, but when Facebook's stock price tanked concerns were raised that some banks had told particular clients they had issues with the stock — potentially leaving regular investors holding the bag. While it's notable that the bank is being fined, its hard to see the amount as anything more than a minor slap on the rest, particularly given the $104.12 billion valuation Facebook achieved during the IPO. We'll keep you updated as further details become available.