Facebook to meet with NYSE after IPO fallout
Facebook is in talks with the New York Stock Exchange to move its stock from NASDAQ.
This comes after a botched initial public offering and suspicion of illegal activity.
U.S. regulators want to know if Morgan Stanley tipped off big-time investors about a negative Facebook finance report. That's information regular investors did not get.
Now the Senate Banking Committee plans to investigate.
"Did all prospective investors get all the same information at the same time? Or were there certain preferred investors given special information which gave them an advantage or an edge here?" asked William Galvin, Mass. Sec. of State.
Shareholders are also suing Facebook, claiming the Social Network hid slowing revenue projects.