Massachusetts Secretary of Commonwealth William Galvin has issued a subpoena to Morgan Stanley over an analyst's discussions with investors on Facebook.
"The Securities Division has put out a subpoena to Morgan Stanley in connection with the analyst's discussion with certain institutional investors about the revenue prospects for Facebook," a spokesman for Galvin's office said.
Word on The Street is that Goldman and Morgan Stanley revised down their opinion of FB just before the float, presumably after reading my tip. They may have told institutional investors, but left retail buyers out to dry. Allegedly.
Biggest faller on Friday amongst majors US stocks: FB fell from $42 at opening to $38, the initial offer price
Biggest faller on Monday amongst majors US stocks: FB fell from $38 at opening to $34, down 13%
Biggest faller on Tuesday amongst majors US stocks: FB fell from $38 at opening to $31, down 8.9%.
Not really a chartist but I think I see a trend.