According to a report at Business Insider:
But, just as important, news of the estimate cut was passed on only to a handful of big investor clients, not everyone else who was considering an investment in Facebook.
That’s a big no-no because such information is “material” according to the SEC and selectively disseminating news about a company implies insider trading.
The SEC, along with ahandful of other government agencies, have begun investigating the Facebook IPO. As the days pass, more goodies land on their plates.
Shares are down about -2.5% just before noon, at $33.34.
Paul Ausick
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