The debate over whether some large investors were warned about a revenue downgrade of Facebook (NASDAQ: FB) continues. Several media have carried stories about Morgan Stanley (NYSE: MS) and Goldman Sachs (NYSE: GS) passing on numbers which showed lowered forecasts from earnings and revenue in the second quarter and the full year.
The attorney general of Massachusetts has begun an investigation into whether information was “selectively disclosed”. Morgan Stanley insists that it was in compliance with all the regulations that set rules for IPO behavior. Even if Morgan makes its case successfully, the news is likely to keep individual investors out of the market. Many of these investors have turned to mutual funds, ETFs, and fixed income paper to protect their interests. That behavior has been reinforced by the Facebook IPO
Douglas A. McIntyre
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