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According to the Wall Street Journal, analysts who work for Goldman Sachs and other banks on the IPO, which raised $1.8 billion, have been privately telling select investors that Twitter’s revenue may not increase as fast as expected. […]
Investment banks under-hyping a deal they’re selling might not sound like a bad thing. […]
But it became a big issue in the bungled Facebook IPO, leading many to call the offering unfair to average investors. Facebook executives, shortly before the IPO, allegedly told a group of analysts employed by its underwriters that sales projections for the company were too high. The analysts then passed that information on to certain investors. But it didn’t come out until after the IPO that Wall Street’s favorite clients got a glimpse at potential problems at Facebook, at the same time that average investors were being whipped into a frenzy about the deal.
Morgan Stanley (MS) eventually had to pay $5 million to the State of Massachusetts for its role in Facebook’s selective disclosure of information. Facebook and its underwriters are still facing class action suits related to the deal.
And yet the same thing appears to have happened in the Twitter IPO.
EDIT: Om het bovenstaande bericht in context te plaatsen: Beurskoers Twitter schiet omhoog – ruim 70 procent boven introductieprijs