Unsurprisingly these massively overvalued shares fell again yesterday, by 9%. However, Faecesbook mission to "find bottom" in the market is far from over.
The BBC reports that the SEC and Financial Industry Regulatory Authority (FINRA) are concerned about the way advisers disclosed information to investors, and may review the disclosure process to see if some investors got favourable access.
Reuters and the Wall Street Journal reported that Faecesbook's advisers may have revised their financial forecasts, but that only selected investors were told.
Oops, how very remiss of them!
Morgan Stanley said that the bank had:
"followed the same procedures for the Facebook offering that it follows for all initial public offerings".In other news, Philip Goldberg (a private investor) has issued a writ against Nasdaq over technical problems on Friday that made a shambles of disrupted Faecesbook's first trading day.
Rest assured, the Faecesbook clusterfuck will run and run!
