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Morgan Stanley Fined $5 Million over Facebook IPO Leaks

Accused of telling some insiders about revenue problems at social media company, but not the general public

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Massachusetts officials say they are fining investment bank Morgan Stanley $5 million for disclosing a revenue shortfall with analysts and institutional investors but not the general public ahead of Facebook's troubled IPO in May.

Facebook filed amended documents on May 9 with securities authorities, but Morgan Stanley organized phone calls with analysts to relay revenue figures that the amendments didn't include. Those numbers were lower than what many analysts had expected.