Tags: US | Morgan | Stanley | Facebook

Morgan Stanley May Refund Some Facebook Investors

Thursday, 24 May 2012 05:45 PM

 

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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 Friday's IPO, according to a source familiar with the matter.

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 as of Thursday.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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