In an effort to appease disappointed clients on the tail of the messy Facebook IPO, Morgan Stanley Smith Barney plans to make some price adjustments for its clients, reports Bloomberg:
Morgan Stanley Smith Barney, the world’s biggest brokerage, told its financial advisers yesterday that it will adjust prices on a few thousand client trades of Facebook Inc., according to a person on the conference call.
The company also told brokers that limit orders to sell shares for at least $43 each after the social network’s initial public offering won’t be filled because of low volume at that price range on May 18, said the person, who requested anonymity because the call was private. Morgan Stanley Smith Barney told brokers May 23 it was reviewing pricing and execution of orders, according to a memo obtained by Bloomberg.
