Reuters is reporting that William Galvin, Secretary of the Commonwealth of Massachusetts has issued a subpoena to Morgan Stanley “in connection with the analyst’s discussion with certain institutional investors about the revenue prospects for Facebook.” Massachusetts has taken a strong stance on selective disclosure by brokerage firms. In 2011, the Commonwealth disciplined Goldman Sachs for a practice referred to as “huddling” which is discussed here.
Morgan Stanley Subpoenaed by Massachusetts Regulator Concerning Facebook IPO Research
May 24, 2012 By
