Facebook (FB) Cleared by SEC in IPO Probe
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A SEC investigation that raised question about Facebook’s (Nasdaq: FB) disclosure prior the company’s highly publicized IPO concluded with a ruling in Facebook’s favor. The SEC found the social networking company did not withhold material data.
The investigation centered on accusations the company failed to disclose information related to revenue and related forecasts. The info allegedly led an analyst at Morgan Stanley to cut his revenue forecast for Facebook days before the disastrous IPO.
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The investigation centered on accusations the company failed to disclose information related to revenue and related forecasts. The info allegedly led an analyst at Morgan Stanley to cut his revenue forecast for Facebook days before the disastrous IPO.
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