close
投資者吃虧，控告摩根高盛：MS, GS Sued Over Facebook IPO
2012-05-24 07:57 | (分類:默認分類) 謝謝的日誌
Morgan Stanley, Goldman Sachs Sued Over Facebook IPO
http://www.bloomberg.com/news/2012-05-23/morgan-stanley-goldman-sachs-sued-over-facebook-ipo.html
By Don Jeffrey - May 23, 2012 11:04 AM ET
Morgan Stanley, Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. were sued along with other underwriters and Facebook Inc. (FB) by investors who claimed they were misled in the purchase of the social network firm’s stock.
The investors said the members of a proposed class action, or group lawsuit, have lost more than $2.5 billion since the initial public offering last week, in a complaint filed today in Manhattanfederal court. They claimed Facebook and the banks didn’t disclose lower revenue estimates.
Enlarge imageMorgan Stanley, Goldman Sachs Sued Over Facebook Stock Sale
A Facebook investor sued Nasdaq OMX Group Inc. yesterday in the same court, saying the exchange “badly mishandled” trades in Facebook stock. Photographer: Scott Eells/Bloomberg
Morgan Stanley Subpoenaed Over Facebook IPO
May 22 (Bloomberg) -- Bloomberg's Jon Erlichman reports on a Massachusetts regulator's decision to subpoena to Morgan Stanley over talks between a research analyst and institutional investors on revenue prospects for Facebook Inc. Morgan Stanley defended its role in the initial public offering. Erlichman speaks on Bloomberg Television's "Bloomberg West." Bloomberg's Emily Chang also speaks. (Source: Bloomberg)
Also sued were units of Bank of America Corp. and Barclays Plc (BARC) and Facebook’s top executives and directors, according to the filing. Facebook went public at $38 a share. While the stock rose 1.5 percent and raised $16 billion in the IPO, it plunged 19 percent over two days. Today, Facebook rose 4.7 percent, or $1.45, to $32.45 at 10:29 a.m. New York time in Nasdaq trading.
“The true facts at the time of the IPO were that Facebook was then experiencing a severe and pronounced reduction in revenue growth,” the plaintiffs said in the complaint.
Andrew Noyes, a spokesman for Menlo Park, California-based Facebook, said in an e-mail: “We believe the lawsuit is without merit and will defend ourselves vigorously.” Pen Pendleton, Michael Duvally and Mark Lane, spokesmen for Morgan Stanley (MS), Goldman Sachs and Barclays, respectively, declined to comment. Representatives of JP Morgan and Bank of America didn’t immediately return calls for comment.
Company Revenue
The complaint states that Facebook’s revenue growth is declining because its greatest growth is coming from users of mobile devices rather than personal computers. The company hasn’t shown advertisements to people who gain access to the website through mobile applications, according to the complaint. Facebook booked 85 percent of its revenue from advertising in 2011, according to the suit.
The banks named in the suit reduced their estimates for Facebook for the second quarter and full year of 2012 and didn’t inform potential investors in presentations before the IPO, according to the complaint.
“The underwriters took down their earnings estimates dramatically during the road show and only told a select group of investors,” Samuel Rudman, a lawyer for the plaintiffs, said today in a telephone interview.
In a separate action, a Facebook investor sued Nasdaq OMX Group Inc. yesterday in the same court, saying the exchange “badly mishandled” trades in Facebook stock, which resulted in delays and a failure to complete customer orders.
Class-Action Status
The investor is seeking class-action status for the suit on behalf of investors who lost money because their buy, sell and cancellation orders weren’t properly processed.
The U.S. Securities and Exchange Commission has said it will review the first day of trading in Facebook shares.
Also named as defendants in today’s suit are Facebook’s co- founder and chief executive, Mark Zuckerberg, and its chief financial officer, David Ebersman.
The underwriter case is Brian Roffe Profit Sharing Plan v. Facebook, 12-04081, and the Nasdaq case is Goldberg v. Nasdaq OMX Group Inc., 12-cv-04054, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Don Jeffrey in Manhattan federal court atdjeffrey1@bloomberg.net.
美股評論：Facebook災難的替罪羊
鉅亨網新聞中心 (來源：北美新浪) 2012-09-08 14:17
照《紐約時報》索金(Andrew Ross Sorkin)的觀點，那場史無前例的IPO災難，所有的罪名都該歸Facebook Inc(FB)的首席財務官艾伯斯曼(David Ebersman)——簡直是一派胡言！
索金的文章當中所引用的匿名消息來源到底是何許人也，我有八成把握說我其實是知道的，因為當我1990年代晚期在彭博新聞社負責西海岸科技購併板塊時，我定期接觸的，就是這些人。
他們很可能正是Facebook僱用來發售IPO的同一批銀行家，現在開始指責自己的客戶了，卻忘記了自己正是這支股票的承銷商，Facebook掏錢讓他們幹什麼，他們就幹什麼。
沒有誰能夠隨便改變一家上市公司的估值，因此，盡管艾伯斯曼在IPO前夜決定提高發行價格，增加發行股數，但其影響也是不該高估的。不錯，艾伯斯曼在最後關頭給IPO大大注水的決定是毀壞了公司和自己本人在投資者當中的名聲，可是，他的決定是誰貫徹實施的？難道是聖誕老人或者是復活節兔子？當然不是。
把1000億美元Facebook股份賣給專業資經理人們的，正是那些券商公司和投資銀行，就像接下來的零售券商和交易商將其賣給散戶投資者一樣。
我的老讀者都知道，我一年多以前就明確警告過大家，要大家遠離Facebook的IPO，因為我們任何時候都不該買進內線人士賣出的東西。
在那些該公司上市前發表的專欄文章當中，有一篇專門強調過，該公司廣告營收的增長速度已經大大減緩，其減速的程度已經足夠引起警惕了，因為對於一家成長型科技公司，這種情況是不該出現的。 ( 散戶並非無自保之道, 這就是自保之道 )
任何公司去公開市場上市，都是要籌措盡可能多的資金。一家上市企業除開按照相關證券法規的要求公平和充分地披露自己的財務信息之外，也不必承擔更多其他的責任。
在商言商，為公司盡可能多地籌措資本，這本身也是冷酷的生意，而要做好這生意，投資銀行家是最合適不過的人選。除開體育界之外，這世界上再沒有人比他們更加有競爭精神了。
在Facebook上市的過程中也是如此，這些人不斷地推銷IPO，直至每一支股票都找到了買家。現在，他們希望投資者忘掉他們曾經扮演的角色，這樣他們就可以肆無忌憚地推銷下一支IPO，因此他們當然會樂於把那些胡說八道的話灌到索金耳朵裡。
我還可以根據我多年來和投資銀行家們的非正式接觸，來猜測索金何以要發表這篇文章：這些投資銀行家們確實是很有幫助的，可以提供匿名消息，或者是證實重大交易——如果他們能夠從自己的披露行為當中獲得額外好處，比如讓他們的自我得到滿足，或者是讓他們的商業利益最大化。
艾伯斯曼的角色
由於人們愈來愈多用移動設備登錄Facebook，導致後者的營收增長預期大受影響。我們完全可以說，艾伯斯曼對承銷銀行，或許也包括他們的客戶談話的時候，對信息的披露是有選擇的。
對此我們不必急，現在人們已經對這家社交網絡公司提起了集體訴訟，到時候律師們會在法庭上還原真相的。
我們不該忘記的是，我們的法規當中存在一個奇特，頗有諷刺意義的漏洞，這是任何其他證券相關的法規都無法相提並論的：要求企業公平和廣泛披露實質性信息的《公平披露法規》，只要一家企業遞交了一份S-1檔案，便可以不再受其約束了！
這就意味，如果艾伯斯曼確實就Facebook的營收問題向銀行家們(以及他們的客戶們)進行了不夠公平的披露，他也說不上有什麼作奸犯科的事情。
更不必說，只要去看看Facebook上市前六個季度的數據，誰都可以繪出他們營收的變化曲線。
Facebook的IPO，其真正的問題其實是存在於發行過程當中，這一點投資銀行業先去漢佈雷克特(William Hambrecht)5月間還曾專門說到過。
索金想要怎樣寫自己的專欄，那是他的自由。可是，那些還在撫摸自己因為Facebook而留下的傷口的投資者是不該輕信的，當他們將怒火傾瀉到艾伯斯曼頭上時，其實也就放過了華爾街的銀行家們。
各位被Facebook股票套牢的投資者，你們的怒火應該是指向券商，指向那些基金經理人們，是他們將你們的積蓄投入了社交網站的股份，或者乾脆直接向你們推銷IPO——當然，還有那些將這IPO賣給這些人的銀行家們。
當然，我們還應該記得，從頭到尾都不曾有一個人拿槍指另一個人的頭，逼他購買Facebook的股票。(子衿)
2012-05-24 07:57 | (分類:默認分類) 謝謝的日誌
Morgan Stanley, Goldman Sachs Sued Over Facebook IPO
http://www.bloomberg.com/news/2012-05-23/morgan-stanley-goldman-sachs-sued-over-facebook-ipo.html
By Don Jeffrey - May 23, 2012 11:04 AM ET
Morgan Stanley, Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. were sued along with other underwriters and Facebook Inc. (FB) by investors who claimed they were misled in the purchase of the social network firm’s stock.
The investors said the members of a proposed class action, or group lawsuit, have lost more than $2.5 billion since the initial public offering last week, in a complaint filed today in Manhattanfederal court. They claimed Facebook and the banks didn’t disclose lower revenue estimates.
Enlarge imageMorgan Stanley, Goldman Sachs Sued Over Facebook Stock Sale
A Facebook investor sued Nasdaq OMX Group Inc. yesterday in the same court, saying the exchange “badly mishandled” trades in Facebook stock. Photographer: Scott Eells/Bloomberg
Morgan Stanley Subpoenaed Over Facebook IPO
May 22 (Bloomberg) -- Bloomberg's Jon Erlichman reports on a Massachusetts regulator's decision to subpoena to Morgan Stanley over talks between a research analyst and institutional investors on revenue prospects for Facebook Inc. Morgan Stanley defended its role in the initial public offering. Erlichman speaks on Bloomberg Television's "Bloomberg West." Bloomberg's Emily Chang also speaks. (Source: Bloomberg)
Also sued were units of Bank of America Corp. and Barclays Plc (BARC) and Facebook’s top executives and directors, according to the filing. Facebook went public at $38 a share. While the stock rose 1.5 percent and raised $16 billion in the IPO, it plunged 19 percent over two days. Today, Facebook rose 4.7 percent, or $1.45, to $32.45 at 10:29 a.m. New York time in Nasdaq trading.
“The true facts at the time of the IPO were that Facebook was then experiencing a severe and pronounced reduction in revenue growth,” the plaintiffs said in the complaint.
Andrew Noyes, a spokesman for Menlo Park, California-based Facebook, said in an e-mail: “We believe the lawsuit is without merit and will defend ourselves vigorously.” Pen Pendleton, Michael Duvally and Mark Lane, spokesmen for Morgan Stanley (MS), Goldman Sachs and Barclays, respectively, declined to comment. Representatives of JP Morgan and Bank of America didn’t immediately return calls for comment.
Company Revenue
The complaint states that Facebook’s revenue growth is declining because its greatest growth is coming from users of mobile devices rather than personal computers. The company hasn’t shown advertisements to people who gain access to the website through mobile applications, according to the complaint. Facebook booked 85 percent of its revenue from advertising in 2011, according to the suit.
The banks named in the suit reduced their estimates for Facebook for the second quarter and full year of 2012 and didn’t inform potential investors in presentations before the IPO, according to the complaint.
“The underwriters took down their earnings estimates dramatically during the road show and only told a select group of investors,” Samuel Rudman, a lawyer for the plaintiffs, said today in a telephone interview.
In a separate action, a Facebook investor sued Nasdaq OMX Group Inc. yesterday in the same court, saying the exchange “badly mishandled” trades in Facebook stock, which resulted in delays and a failure to complete customer orders.
Class-Action Status
The investor is seeking class-action status for the suit on behalf of investors who lost money because their buy, sell and cancellation orders weren’t properly processed.
The U.S. Securities and Exchange Commission has said it will review the first day of trading in Facebook shares.
Also named as defendants in today’s suit are Facebook’s co- founder and chief executive, Mark Zuckerberg, and its chief financial officer, David Ebersman.
The underwriter case is Brian Roffe Profit Sharing Plan v. Facebook, 12-04081, and the Nasdaq case is Goldberg v. Nasdaq OMX Group Inc., 12-cv-04054, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Don Jeffrey in Manhattan federal court atdjeffrey1@bloomberg.net.
美股評論：Facebook災難的替罪羊
鉅亨網新聞中心 (來源：北美新浪) 2012-09-08 14:17
照《紐約時報》索金(Andrew Ross Sorkin)的觀點，那場史無前例的IPO災難，所有的罪名都該歸Facebook Inc(FB)的首席財務官艾伯斯曼(David Ebersman)——簡直是一派胡言！
索金的文章當中所引用的匿名消息來源到底是何許人也，我有八成把握說我其實是知道的，因為當我1990年代晚期在彭博新聞社負責西海岸科技購併板塊時，我定期接觸的，就是這些人。
他們很可能正是Facebook僱用來發售IPO的同一批銀行家，現在開始指責自己的客戶了，卻忘記了自己正是這支股票的承銷商，Facebook掏錢讓他們幹什麼，他們就幹什麼。
沒有誰能夠隨便改變一家上市公司的估值，因此，盡管艾伯斯曼在IPO前夜決定提高發行價格，增加發行股數，但其影響也是不該高估的。不錯，艾伯斯曼在最後關頭給IPO大大注水的決定是毀壞了公司和自己本人在投資者當中的名聲，可是，他的決定是誰貫徹實施的？難道是聖誕老人或者是復活節兔子？當然不是。
把1000億美元Facebook股份賣給專業資經理人們的，正是那些券商公司和投資銀行，就像接下來的零售券商和交易商將其賣給散戶投資者一樣。
我的老讀者都知道，我一年多以前就明確警告過大家，要大家遠離Facebook的IPO，因為我們任何時候都不該買進內線人士賣出的東西。
在那些該公司上市前發表的專欄文章當中，有一篇專門強調過，該公司廣告營收的增長速度已經大大減緩，其減速的程度已經足夠引起警惕了，因為對於一家成長型科技公司，這種情況是不該出現的。 ( 散戶並非無自保之道, 這就是自保之道 )
任何公司去公開市場上市，都是要籌措盡可能多的資金。一家上市企業除開按照相關證券法規的要求公平和充分地披露自己的財務信息之外，也不必承擔更多其他的責任。
在商言商，為公司盡可能多地籌措資本，這本身也是冷酷的生意，而要做好這生意，投資銀行家是最合適不過的人選。除開體育界之外，這世界上再沒有人比他們更加有競爭精神了。
在Facebook上市的過程中也是如此，這些人不斷地推銷IPO，直至每一支股票都找到了買家。現在，他們希望投資者忘掉他們曾經扮演的角色，這樣他們就可以肆無忌憚地推銷下一支IPO，因此他們當然會樂於把那些胡說八道的話灌到索金耳朵裡。
我還可以根據我多年來和投資銀行家們的非正式接觸，來猜測索金何以要發表這篇文章：這些投資銀行家們確實是很有幫助的，可以提供匿名消息，或者是證實重大交易——如果他們能夠從自己的披露行為當中獲得額外好處，比如讓他們的自我得到滿足，或者是讓他們的商業利益最大化。
艾伯斯曼的角色
由於人們愈來愈多用移動設備登錄Facebook，導致後者的營收增長預期大受影響。我們完全可以說，艾伯斯曼對承銷銀行，或許也包括他們的客戶談話的時候，對信息的披露是有選擇的。
對此我們不必急，現在人們已經對這家社交網絡公司提起了集體訴訟，到時候律師們會在法庭上還原真相的。
我們不該忘記的是，我們的法規當中存在一個奇特，頗有諷刺意義的漏洞，這是任何其他證券相關的法規都無法相提並論的：要求企業公平和廣泛披露實質性信息的《公平披露法規》，只要一家企業遞交了一份S-1檔案，便可以不再受其約束了！
這就意味，如果艾伯斯曼確實就Facebook的營收問題向銀行家們(以及他們的客戶們)進行了不夠公平的披露，他也說不上有什麼作奸犯科的事情。
更不必說，只要去看看Facebook上市前六個季度的數據，誰都可以繪出他們營收的變化曲線。
Facebook的IPO，其真正的問題其實是存在於發行過程當中，這一點投資銀行業先去漢佈雷克特(William Hambrecht)5月間還曾專門說到過。
索金想要怎樣寫自己的專欄，那是他的自由。可是，那些還在撫摸自己因為Facebook而留下的傷口的投資者是不該輕信的，當他們將怒火傾瀉到艾伯斯曼頭上時，其實也就放過了華爾街的銀行家們。
各位被Facebook股票套牢的投資者，你們的怒火應該是指向券商，指向那些基金經理人們，是他們將你們的積蓄投入了社交網站的股份，或者乾脆直接向你們推銷IPO——當然，還有那些將這IPO賣給這些人的銀行家們。
當然，我們還應該記得，從頭到尾都不曾有一個人拿槍指另一個人的頭，逼他購買Facebook的股票。(子衿)
全站熱搜
留言列表
國家自強 (1)
