Morgan Stanley Fined $5 Million by State Over Facebook IPO

Morgan Stanley Fined $5 Million by State Over Facebook IPO

Peter Foley/Bloomberg

A slump in Facebook’s stock after it began trading in May has fueled shareholder complaints, regulatory probes and more than 40 lawsuits, with some investors claiming the Menlo Park, California-based social-network company’s managers failed to disclose revised forecasts before the IPO.