 wQKRainbow Mandarin 彩虹汉语
 wQKRainbow Mandarin 彩虹汉语
wQKRainbow Mandarin 彩虹汉语
wQKRainbow Mandarin 彩虹汉语
【经济日报专讯】Facebook（fb）上市首3天累跌18.4%，导致投资者损失共计超过25亿美元，相反摩根士丹利为首的承销商，却因护盘职责而意外多赚约1亿美元，令选择性披露这种股市法则更受质疑。
集体兴讼 向fb大行索偿
部分散户因未能获得足够信息，日前联合到曼哈顿法院，向fb、大摩、高盛及摩根大通等承销商提出集体诉讼，指他们在路演时大幅下调盈利预测，却选择性向主要客户提供信息，未有如实向公众披露。
另外，电子交易商Knight Capital Group（KCG）亦指，在fb上市首日，受累于纳斯达克交易所的系统失误，交易损失3,000万至3,500万美元，要求纳交所赔偿一切损失。
相反，《华尔街日报》引述消息人士指，fb自挂牌以来，大摩及其他承销商因护盘已额外赚取约1亿美元。承销商在稳定新股价格的过程中获利并不罕见，惟今次收益之高引起关注；有指大摩正检视透过他们买卖fb的交易，可能为买贵了的客户调整买入价，变相将这笔意外之财回赠。
大客先收风 选择披露被轰
除了承销商外，有大型基金及富豪均获银行提早警告，因而决定完全不认购，得以全身而退，令华尔街大行的「选择性披露」法则受质疑。大行称大客户付费获取此类消息，故向他们提供特定信息，此举通常令散户不满。
证券法防止承销银行的分析员，在银行承销大型IPO时，发表相关公司的研究报告，直至公司上市40日后才解禁。有证券律师Jacob Zamansky促请制定新例，防止类似的不公平信息，认为当银行担任承销角色时，该行的分析师不应就IPO发表意见，更不应向部分受客户披露招股书上所没有的信息。
CFO坚持高定价 惹质疑
此外，投资者不满fb在盈利前景不明的情况下，仍将招股价定在38美元。消息指，上市前fb财务总监（CFO）埃伯斯曼（David Ebersman）和银行家开会，坚持招股价定在36至41美元，以限制首日升幅在10%之内，当时摩通称该行有大量客户愿意38美元接货，结果会议便很快定将招股价定在38美元。
期间大摩行政总裁戈尔曼（James Gorman）亦罕有地参与fb定价，反映该行对这个社交王国的重视程度。不过，有分析及投资者批评银行判断错误，定价太高，令fb丧失上市后股价跳升的机会。
Facebook (fb) listed on the first three days tired, down 18.4 percent, resulting in investor losses totaling more than 2.5 billion U.S. dollars, on the contrary, led by Morgan Stanley, the underwriters, because of the support the market responsibilities accident earn about 1 billion U.S. dollars, the selective disclosure of this stock market rule is questioned.wQKRainbow Mandarin 彩虹汉语
wQKRainbow Mandarin 彩虹汉语
Collective litigation claims fb DahonwQKRainbow Mandarin 彩虹汉语
wQKRainbow Mandarin 彩虹汉语
Part of the retail investors for failing to obtain sufficient information jointly to a Manhattan court, class actions, fb, Morgan Stanley, Goldman Sachs and JP Morgan and other underwriters a roadshow sharp decline in the profit forecast, but selectively providing information to key customers, has not truthfully disclosed to the public.wQKRainbow Mandarin 彩虹汉语
wQKRainbow Mandarin 彩虹汉语
In addition, electronic trading Knight, Capital, Group (KCG) has also pointed out, in fb listed on the first day, the involvement of system failures on the NASDAQ Stock Exchange, trading losses of $ 30 million to $ 35 million requirement is satisfied to pay compensation for all losses.wQKRainbow Mandarin 彩虹汉语
wQKRainbow Mandarin 彩虹汉语
On the contrary, the Wall Street Journal quoted sources refers, the fb has been since the listing, Morgan Stanley and other underwriters because of the support the market additional earn about $ 100 million. Underwriters profit in the process of stabilizing the new share price is not uncommon, but this revenue concern; refers to Morgan Stanley is reviewing the transaction traded through their fb may be overpaid for the customer to adjust bid prices. a covert act of windfall rebate.wQKRainbow Mandarin 彩虹汉语
wQKRainbow Mandarin 彩虹汉语
Large customer first received the wind choose to disclose HwQKRainbow Mandarin 彩虹汉语
wQKRainbow Mandarin 彩虹汉语
In addition to the underwriters, the major fund and the rich were the bank early warning, and therefore decided not to subscribe, able to get out, Wall Street, accusing him of "selective disclosure" rule is questioned. Dahon said big customers pay for this kind of information, and therefore to provide them with specific information, this will cause retail discontent.wQKRainbow Mandarin 彩虹汉语
wQKRainbow Mandarin 彩虹汉语
Securities Act to prevent the analyst of the underwriting banks, large banks underwriting IPO, published a related study, until the company listed 40 days after the lifting of the ban. Securities lawyer Jacob Zamansky urges the formulation of new regulations to prevent similar unfair that the banks as underwriting role, the analyst of the line should not be on the IPO to express their views, but should not be subject to the part of customers disclosed in the prospectus that are not of information.wQKRainbow Mandarin 彩虹汉语
wQKRainbow Mandarin 彩虹汉语
CFO adhere to the high priced mess questionedwQKRainbow Mandarin 彩虹汉语
wQKRainbow Mandarin 彩虹汉语
In addition, investors dissatisfied fb earnings outlook is unknown, will continue to offer price is set at $ 38. Heard that, Erber Mann, David Ebersman, pre-IPO the fb Financial Officer (CFO), and bankers meeting, adhere to the IPO price set at 36-41 U.S. dollars, to limit the first-day gain in 10% Mount known as the bank a large number of customers willing to $ 38 to accept the goods, the results of the meeting will soon set the IPO price set at $ 38.wQKRainbow Mandarin 彩虹汉语
wQKRainbow Mandarin 彩虹汉语
During the Morgan Stanley Chief Executive Officer Gorman, James Gorman, also rare in fb pricing to reflect the emphasis on the social kingdom of the line. However, error of judgment and investors criticized the bank priced too high, make fb lose the opportunity to jump in after the stock.wQKRainbow Mandarin 彩虹汉语
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