Add Morgan Stanley to the List of Companies Taking a Facebook IPO Hit
With the third day on the books, Facebook’s stock is down even further than yesterday, to $31.12, well below the $38 IPO price. Friday’s glitches caused massive confusion and has even led to a lawsuit against the Nasdaq, which has seen its reputation tarnished. Now Morgan Stanley is also getting the side-eye because the financial firm, the lead underwriter on the initial public offering, unexpectedly cut Facebook’s revenue forecast.
The way the change was made — so close to the IPO and during the “road show” — is strange, say
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