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Morgan Stanley, which served as one of the lead underwriters for Facebook’s much-hyped initial public offering, is coming under scrutiny by the state of Massachusetts. The state fined Morgan Stanley $5 million, claiming that the financial firm helped Facebook leak sensitive information to select companies, creating an unfair playing field for investors.
As first reported by Bloomberg on Twitter, Massachusetts Secretary of State William Galvin criticized Morgan Stanley for unfairly releasing privileged information to select Wall Street investors.