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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 233.22+1.8%Nov 28 9:30 AM EST
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To: H James Morris who wrote (121562)3/25/2001 12:42:37 AM
From: Glenn D. Rudolph  Read Replies (1) of 164684
 
You believe Morgan Stanley would do this?

"The complaint charges defendants with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 for issuing a Registration Statement and Prospectus (the"Prospectus") that contained materially false and misleading information and failed to disclose material information. The Prospectus was issued in connection with Ariba's initial public offering of 5 million shares of common stock at $23.00 per share that was completed on June 23, 1999 (the "IPO"). The complaint alleges that the Prospectus was false and misleading because it failed to disclose (i) Morgan Stanley's agreement with certain investors to provide them with significant amounts of restricted Ariba shares in the IPO in exchange for exorbitant and undisclosed commissions; and (ii) the agreement between Morgan Stanley and certain of its customers whereby Morgan Stanley would allocate shares in the IPO to those customers in exchange for the customers' agreement to purchase Ariba shares in the after-market at pre-determined prices.

The SEC is investigating underwriting practices in connection with several other initial public offerings, including the offerings of Ariba, VA Linux Systems, Inc. and United Parcel Service, Inc.
"
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