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Jacob Zamansky of Zamansky & Associates says he is being bombarded with calls from frustrated clients who don’t know who to blame for the Facebo...
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And well investors are looking for someone.
Some -- to blame for the FaceBook debacle when they won't -- Charlie Gasparino but he is here with more reporting on all that today hey Charlie viewed -- -- and you are defining deviancy down if you think this is a good day for -- Adequate fascinated about the -- deviancy down -- -- -- -- -- spent the last thirty years dealing with securities litigation.
One of the best lawyers in this area of arbitration in going -- the Wall Street for problems involving small businesses with us on the phone -- there.
Yeah -- get a lot of calls lately.
Charlie I'd been bombarded with calls from retail investors.
Who were may -- everybody.
NASDAQ for -- your operating Morgan Stanley Goldman Sachs to lead underwriters.
Telling their clients about the forecast -- would be.
Dumping the shares on the little guy Charlie I thought we straighten this all out 2003.
With these Spitzer settlement but it doesn't look that way.
What what specifically are they angry about other anger about the fact that they got you know -- Morgan Stanley increased the size of the offering and got -- on -- one of the things -- you -- -- you one of these cases and you've had some difficult cases where it's difficult for you to -- Is that you know a lot of it has to do with caveat emptor right you buy a stock you know -- -- potentially go down.
-- with the little guy is just asking for a let a level playing field I've been getting calls from people who said that.
They didn't even know what their trades were executed they put -- limit orders they didn't know what.
If they were -- they didn't know they were -- sold and they're sitting with the exposure the deal was done on Friday.
Saturday -- Monday.
As stocks dropping more than 10%.
The little guy stuck holding -- well perhaps the big good investors were told to hold off until the -- was soaked up by the retail investors.
You really think that there is litigation here that could be one arbitration so I guess you'd have to take this can't go to court with the stuff you gotta go to the back stacked against you.
Arbitration right I mean you'd think that but you think there's there's a potential to win cases here -- NASDAQ and Morgan Stanley.
I really do like think with Morgan Stanley we're looking at gun jumping.
Totaling some big clients to hold off and giving in if caught in the prospectus just there's violations of -- every.
And three settlement.
Researchers should not be giving it -- one tonight peace time that the firms to lead underwriter so we got a bunch to work.
What is the case back as you know you know and admit man throughout the -- they couldn't fill orders you know when he hears come from the NASDAQ guys on one hand they're saying their sorry no they had underwriters.
But -- -- of technical difficulties open and that was you probably really got screwed.
Supposed to be the most -- to back.
An efficient market.
They clearly blew it I think there were also looking at the compensation package for investors they -- that a couple days ago.
So there has been a class action lawsuit filed against NASDAQ.
-- you know really botching this whole being and hurting investors all over the country.
What do you think about Bob Greifeld the CEO of of NASDAQ sit up there all smiles ringing the opening bell.
What does that say and then -- -- CEO of NASDAQ.
I think there's some serious issues and I've always -- if there's a problem.
It should go to that the guy at the top of buck stops there whether he should step down I don't know but this I think.
The SEC should look at this and say.
This was the most hyped IPO ever.
How could they not have been ready how could that the -- been changed so late in the game there a lot of questions to answer and that somebody really -- -- all maybe they should find another.
But you know Jacob will play a little devil's advocate here I wrote a lot of negative stuff about FaceBook in the weeks in what about a month before.
The -- I laid out every reason big just about except for maybe what was in that -- will be in excess one which I didn't quite remember but anyway everybody not just about every other reason.
Why you might want to stay away from the stock.
Where retail investors really -- warned that this is a problematic company pictured your gambling with this on the future of a a social network that may or may not -- helped produce a lot of revenues and profits in the future.
Absolutely not not they work award to Betty sitting.
Brokers were hyping this IPO they had to have people buy it ought.
And if you remember Charlie several months ago it looked like -- a big investors were gonna get in the little guy like.
Felt like he had he really got something like getting it in our location here so bright and once again the little guy -- been stepped to one.
And I think the Wall Street firms in NASDAQ.
We would flashing -- we're just flashing on the the Morgan Stanley statement I would pointed out this when you get through the legal -- of that statement -- instead he's really say it is.
They follow the letter of the law as the Spitzer research settlement called for in 2003.
They were not supposed to publish.
Research prior to an IPO which would have been disseminated.
To both average investors and institutions that allows them to verbally -- to certain investors and in that verbally verbal discussion guess what Jake.
They're always gonna pick the institution over the retail you know that.
Charlie to prove says as many of these cases will be in those emails when we get those that it was emails like we saw with our friend Henry Blodget -- Merrill Lynch.
It's also completely different story if -- -- in the big the big guides this is John stay away from this awhile and the brokers are hyping it.
They got a big problem.
All right Jake thanks a lot appreciate it we'll talk you soon.
I expect you thank you thank you obviously just get warmed up here for the legal part of -- are.
