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Facebook IPO: Morgan Stanley Subpoenaed In Massachusetts

Massachusetts Secretary of Commonwealth concerned by issues during the run-up to Facebook's IPO.

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Facebook IPO: Morgan Stanley Subpoenaed In Massachusetts
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Yesterday morning we brought you news that Morgan Stanley had lowered Facebook’s revenue forecast in the days before the company’s IPO, but that the news was kept quiet during the IPO roadshow that led up to the IPO on last Friday.

As you might expect, this news has drawn the attention of a variety of authorities. Yesterday afternoon, Mary Schapiro, Chairman of the Securities and Exchange Commission, announced that her agency would be examining the irregularities surrounding Facebook’s IPO. Now it seems that the state of Massachusetts is also getting in on the act. According to a report from Reuters late yesterday, William Galvin, Masschusetts Secretary of Commonwealth, has issued a subpoena to Morgan stanley. According to a statement obtained by Reuters, the securities division of Secretary Galvin’s office is concerned with “the analyst’s discussion with certain institutional investors about the revenue prospects for Facebook.”

Requests for comment to Morgan Stanley, the office of the Massachusetts Secretary of Commonwealth, and Facebook have not yet been returned. We will bring you more information about this story as it unfolds.

Facebook IPO: Morgan Stanley Subpoenaed In Massachusetts
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