Quote from: Cain on May 23, 2012, 10:18:55 AM
Facebook shares fell 9% yesterday. And things are set to get even worse:QuoteReuters and the Wall Street Journal reported that Facebook's advisers may have revised their financial forecasts for the social networking company, but that only selected investors were told.
Mary Schapiro, chairman of the Securities and Exchange Commission, said "there are issues that we need to look at".
Richard Ketchum, chief executive of the Financial Industry Regulatory Authority (FINRA), said there were "matters of regulatory concern".
But in a statement, Morgan Stanley spokesman, Pen Pendleton, said the bank had "followed the same procedures for the Facebook offering that it follows for all initial public offerings".
I've heard via slashdot that the two main players were goldman sachs and jp morgan... had internally downgraded their outlook but didn't let on about it very much... they are being "looked at".