The Commonwealth of Massachusetts has fined Morgan Stanley $5 million over the botched Facebook IPO, according to terms of a consent order. In case you're wondering, that's about half the bonus of a starting secretary at the investment house. OK, we're exaggerating for effect but this is the textbook definition of a slap in the wrist for Morgan, which last year posted $32.4 billion in revenue.
Morgan, the lead underwriter in Facebook's IPO this past spring, has faced criticism from Facebook shareholders who claimed that certain material information was concealed prior to the highly-anticipated offering. Recriminations mushroomed as Facebook's stock price dropped soon after its opening
Morgan gets slap on wrist over botched Facebook IPO
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Morgan gets slap on wrist over botched Facebook IPO
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Morgan gets slap on wrist over botched Facebook IPO
