The Facebook IPO can now safely be said to rank among the sloppiest tech offerings in recent memory. In the latest installment of this `clusterzuck,' Reuters has obtained an internal memo reporting that Morgan Stanley is ready to make price adjustments for retail customers if they paid too much during Facebook's debut as a public company last Friday.
The investment bank confirmed to Reuters the contents of the memo, which, among other things, says that "all orders are currently being reviewed for best execution pricing." It also says that Morgan Stanley expects "there will be a number of price adjustments. The largest adjustments will be processed first over the next several days and the remaining adjustments will be completed as quickly and as thoroughly as possible."
Meanwhile, shareholders have already begun filing lawsuits against Facebook and several banks, alleging that certain material information was concealed prior to last week's IPO.
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via CNET http://feedproxy.google.com/~r/cnet/NnTv/~3/XkQPwZscrL8/
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