Morgan Stanley Fined $5 Million for Facebook IPO Improprieties

Morgan Stanley was fined $5 million for unlawfully coaching Facebook’s treasurer to improperly provide information to its analysts just prior to Facebook’s IPO. William Galvin, the Secretary of the Commonwealth of Massachusetts, hit Morgan Stanley with the penalty for what he called, “…a clear violation of the global research analyst settlement that Morgan Stanley signed with Massachusetts in 2003.” Morgan Stanley’s Mary Claire Delaney said the  firm is glad “to have put this matter behind us.”

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