Its historical valuation, IPO Facebook is becoming so also for the many irregularities that have glazed. In stock fiasco could even be followed by a financial scandal.
What action the most coveted of the year she could lose nearly 20% in three trading days? Having pointed to Morgan Stanley and the Nasdaq electronic stock market, suspicion focused now on Facebook's CFO, David Ebersman. The Wall Street Journal, it would have taken virtually all decisions relating to the IPO, as companies tend to delegate their investment bank. And two of them would have been fatal to the course.
It is also David Ebersman who decided three days before the IPO of Facebook, to increase by 25% the number of shares offered to the market, the business daily said. The chief financial social network played a key role in setting the share price at 38 dollars, the highest of a range of prices already raised.
After reaching agreement with its banker at Morgan Stanley, David Ebersman had contacted the other two banks involved in the transaction, Goldman Sachs and JPMorgan, for advice on the proposed price. Finally, members of the Board were informed of his intention to return to $ 38, during a conference call during which no objection was made. Two arbitrations that have limited or condemned the performance of the stock exchange.
Revised growth forecasts
But the responsibility of David Ebersman could also be undertaken while the analysts of the three banks Facebook council have revised down their forecasts for growth of social networks, without informing outside investors. Reuters has indeed found that the revised figures by analysts of each bank are surprisingly close, all oscillating between 4.82 and $ 4.85 billion in revenue in 2012. But "it is impossible that the estimates are as close without explicit direction given by Facebook. It is impossible that an investor has been able to deduce this information from the IPO prospectus of Facebook, "said analyst and former head of Business Insider, Henry Blodget.
Given the controversy, Constable American Stock Exchange SEC announced an investigation. The self-regulatory body of Wall Street, the Financial Industry Regulatory Authority, will also study this introduction. Finally, the Secretary of State of Massachusetts sued Morgan Stanley. The latter is defended, in a statement, with violating the rules and ensures taking into account the revision of its forecasts when setting the price of the IPO.
Its role and that of others in this astonishing series, will also be examined in court. Several complaints collective action Facebook, Goldman Sachs, JPMorgan and Morgan Stanley, have been filed by investors Wednesday. Another attacked the Nasdaq, feeling aggrieved by his mishandling of transactions in the introduction.
A turn of events that almost obscured the fact that the action is distributed Facebook, Wednesday, on the rise.
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