You can now read 10 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe

Business

Massachusetts fines Morgan Stanley $5 million

Takes legal action over Facebook IPO

Massachusetts fined Morgan Stanley & Co. LLC $5 million over allegations it disclosed financial details about Facebook Inc. with institutional bankers that it hid from the public ahead of the social media network’s disappointing debut on Wall Street in May.

Secretary of State William Galvin charged that a senior investment banker at Morgan Stanley, the lead underwriter for Facebook’s $16 billion public offering, conspired to keep lower revenue projections for the company out of US Securities and Exchange Commission filings that are available to the general public.

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week