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Law blog roundup
Congratulations to Loyola men’s lacrosse, Northwestern women’s lacrosse and Title IX. Here are some items to get your Tuesday running. — It pays to be a trustee. — Philippines’ chief justice has 2.4 million reasons not to fret about losing his job. — Lawyers more than like Facebook’s initial public offering. — Oh, brother. […]
Regulators probe bank’s role in Facebook IPO
WASHINGTON — Regulators are examining whether Morgan Stanley, the investment bank that shepherded Facebook through its highly publicized stock offering last week, selectively informed clients of an analyst’s negative report about the company before the stock started trading. Rick Ketchum, the head of the Financial Industry Regulatory Authority, the self-policing body for the securities ind[...]
Where are Facebook’s friends? Stock down after IPO
NEW YORK — Facebook was supposed to soar. Instead, it plunged. After the social network’s stock fizzled on Friday in its long-awaited debut, its stock fell 11 percent on Monday, even as the rest of the stock market rallied. The downward spiral has left some people sitting on big losses, and others scratching their heads. […]
Facebook investors to cash out more shares
NEW YORK — Insiders and early Facebook investors are taking advantage of increasing investor demand and selling more of their stock in the company’s initial public offering, the company said Wednesday. Facebook said in a regulatory filing that 84 million shares, worth up to $3.2 billion, are being added to what’s shaping up to be […]
Facebook CEO turns 28, IPO could be $100B gift
NEW YORK — He famously wears a hoodie, jeans and sneakers, and he was born the year Apple introduced the Macintosh. But Mark Zuckerberg is no boy-CEO. Facebook’s chief executive turned 28 on Monday, setting in motion the social network’s biggest week ever. The company is expected to start selling stock to the public for […]
GlaxoSmithKline in takeover bid for Human Genome
LONDON — GlaxoSmithKline PLC has made an offer to take over Rockville-based drug maker Human Genome Sciences Inc. which values the company at nearly $2.6 billion. GlaxoSmithKline, which has profit-sharing agreements with HGS on three drugs but a minimal shareholding, said Wednesday it is offering $13 cash per share for the company. A private offer […]
Reports: Facebook leaning toward Nasdaq
NEW YORK — Facebook will list its shares with Nasdaq, according to media reports. That would be a big win for the Nasdaq, which competes fiercely with NYSE Euronext Inc., especially for an initial public offering as large as Facebook’s, pegged at $5 billion. The New York Times and CNBC cited anonymous sources on the […]
Stocks plunge as debt talks collapse
NEW YORK — The stock market was not exactly surprised that a so-called supercommittee in Congress failed to reach a deal to cut the federal budget deficit. But since summer, investors have sold at the first hint of trouble. So on Monday, they sold big. The Dow Jones industrial average lost almost 250 points on […]
Groupon shares jump in public market debut
NEW YORK — Groupon, the company that pioneered online group discounts, saw its stock rise sharply in its public debut Friday, showing strong demand for an Internet company whose business model is considered unsustainable by some analysts. Groupon’s stock jumped $8.30, or more than 40 percent, to $28.30 Friday afternoon after earlier trading as high […]
Groupon raises $700M with IPO at $20 per share
SAN FRANCISCO — Daily deals pioneer Groupon raised about $700 million with an initial public offering of stock priced well above expectations. The IPO was set late Thursday at $20 per share, above the anticipated range of $16 to $18. The higher price indicated investors are eager to snap up the Chicago-based company’s shares. Groupon […]
Stocks slide as Germany cools hope for debt deal
NEW YORK — Stocks opened the week lower Monday after the German government played down hopes that a solution to Europe’s debt crisis was imminent. Expectations that a resolution to the crisis could be reached at a European summit in Brussels Oct. 23 helped lift the S&P 500 to its biggest gain in two years […]
First Mariner, Priam extend deadline to Nov. 30
The deal to infuse much needed new capital into 1st Mariner Bank got a new deadline Thursday when the bank’s parent company and the private equity firm it is partnered with extended the deal until Nov. 30. First Mariner Bancorp had missed a pair of deadlines in its effort to raise more than $123 million, […]
