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A Few Clouds
Morgan Stanley may refund some Facebook investors
NEW YORK (AP) -- A source says Morgan Stanley, the lead investment bank in Facebook's troubled initial public offering, will compensate investors who overpaid when they bought Facebook's stock in last Friday's IPO.
This person said the firm is reviewing orders its retail clients placed for Facebook stock, and will make price adjustments if the clients paid too much. The person spoke on condition of anonymity because they were not authorized to discuss the matter publicly. The person did not say what amount constituted overpaying for Facebook's stock.
The world's largest social network's IPO was highly anticipated. But technical problems with the Nasdaq Stock Market delayed its open on Friday, and the stock closed nearly flat on its first trading day at $38.23.
It's down 14 percent since its debut.