Morgan Stanley fined $5M over Facebook IPO

Investment banking giant Morgan Stanley was fined $5 million Monday by the commonwealth of Massachusetts for violating securities laws involving the troubled stock market debut of Facebook, the Wall Street Journal reported. 

Massachusetts Secretary of State William F. Gavin accused the bank of improperly influencing the stock offering process, specifically asserting that a senior Morgan Stanley banker coached Facebook on how to share information with stock analysts who cover the social media company.