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Considering investors have filed a class-action lawsuit against both Morgan Stanley and Facebook over the selective disclosure that occurred before the firm?s IPO, it is worth reading this great post by Josh Brown on his Reformed Broker blog about what kind of disclosure is legally required prior to an IPO. Morgan analysts allegedly cut earnings estimates for Facebook in the middle of its roadshow and only passed that information on to the firm?s most valuable customers.
?I believe it?s possible that Reg FD may not have been violated here because at the time of the disclosures Facebook was still a private company.? Further, it appears that the exemption for companies engaged in a securities offering is even more protective of this kind of activity than many would have suspected??
To continue reading, click here.
(Read more from features Editor Kristen French on her blog, Due Diligence.)
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