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Facebook Investor Seeks $1.9 Million

Gabrielle Babb4 years ago

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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