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Facebook May, Like Morgan Stanley, Face Reg FD Challenges

Settlement documents suggest Facebook could be at fault with regard to IPO, legal experts say.

By Ari Levy and Douglas MacMillan, Bloomberg | Updated on December 19, 2012

Facebook Inc., the world’s largest social-networking company, could be exposed to legal challenges surrounding its initial public offering similar to those faced by Morgan Stanley, according to legal experts.

In the first regulatory claims to flow from the May 17 IPO, Massachusetts officials said on Dec. 17 that they fined Morgan Stanley $5 million for letting its investment bankers provide research analysts specific revenue information that was not disclosed by Facebook to the general public. That broke a decade-old rule enacted after the dot-com crash to block bankers from influencing analysts, Massachusetts said.

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