Morgan Stanley (NYSE:MS) and Goldman Sachs Group, Inc. (NYSE:GS) were the underwritters for the infamous Facebook Inc (NASDAQ:FB) IPO debacle. The lawsuit claims that investors were misled in the purchase of the IPO.
Morgan Stanley and Goldman set the offering price at $38 a share. The stock jumped at the open on Friday but soon started to fall. When the stock reached the $38 level, many in the media speculated that Morgan Stanley was buying shares of Facebook to prevent the stock from falling further.
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