Facebook Investor Seeks $1.9 Million
A Facebook investor is seeking $1.9 million in damages from Morgan Stanley and other companies whom she blames for losses she experienced during the social media site’s troubled initial public offering.
About the Lawsuit
- The plaintiff claims that Morgan Stanley did not properly notify all of its investors about plans to downgrade its outlook on Facebook before the IPO.
- She further claims that as a result, customers were unable to cancel their orders for shares.
- According to the Huffington Post, Morgan Stanley has filed a complaint in the Manhattan Federal Courts claiming the investor is not actually a customer because she purchased her shares through Vanguard Financial Group.
Details of Plaintiff’s Claim
According to a recent Huffington Post article, the plaintiff’s claim includes:
- $105, 000 for compensatory damages
- $500, 000 for punitive damages
- $1 million for pain and suffering
- $315,00 in treble damages
- She claims Morgan Stanley only contacted certain privileged customers concerning its downgraded outlook of Facebook’s stock.
- The investor further alleges that she was “trapped” in the declining stock, because Vanguard Financial Group failed to act on her cancellation request.
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