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Senate Banking panel reviewing Facebook IPO issues
May 23, 2012 / 4:31 PM / 5 years ago

Senate Banking panel reviewing Facebook IPO issues

WASHINGTON (Reuters) - The U.S. Senate Banking Committee is reviewing “issues raised in the news” regarding Facebook’s botched initial public offering, a Democratic Senate Banking aide said on Wednesday.

The review is not considered a formal investigation at this point, but entails briefings among the committee staff and regulators, Facebook and other stakeholders.

The announcement by the committee comes on the heels of reports by Reuters that an analyst for lead underwriter Morgan Stanley cut his revenue forecasts for Facebook in the days before the offering. The IPO also suffered setbacks following a technology glitch on the Nasdaq exchange.

The aide did not provide details about what issues the committee planned to explore.

Reporting By Sarah N. Lynch; Editing by Maureen Bavdek

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