How much worse could it get for the fiasco that was the Facebook IPO? As the title of this thread implies investors and regulators are not to happy with how things have gone down so far. According to a story by Reuters entitled SEC, FINRA to review Facebook issues, Nasdaq sued it has now come to light that Morgan Stanley might have failed to let investors know of a reassessment of Facebook’s revenue forecast before Fridays botched IPO. Seems as if there is plenty of blame to go around for this situation, which is exactly what this quote from the story indicates.
“Defenses notwithstanding, Barry Ritholtz, a widely followed financial blogger and the chief market strategist at Fusion IQ in New York, took all sides – Facebook, Morgan Stanley and Nasdaq – to task in the sharpest terms on his blog Tuesday.”
“Thus, what we see are a series of bad decisions made by Facebook’s executives going back many years. The insiders got greedy, too clever by half, in how they used secondary markets. They picked a bad banker and an awful exchange,” Ritholtz said.”
Makes you glad that you missed out on this once in a lifetime opportunity.