A lot of average joes put on their faux-finance cap during the Facebook IPO and hoped it would get them rich. Everyone uses Facebook therefore everyone wants to buy Facebook stock, the logic went. Yeah, it didn’t work out that way. I’m sure a lot of people lost money. One poor woman, Uma Swaminathan, lost her entire life savings and kinda wants a do-over.
Uma Swaminathan, who’s a retired teacher and a widow, is trying to get restitution on the money she lost during the Facebook IPO. She had ordered her broker, Vanguard, to buy 6,200 shares of Facebook but then she changed her mind when Facebook didn’t begin trading as expected. Vanguard supposedly didn’t cancel in time and now she’s lost a good chunk of change.
Furthermore, Swaminathan has beef with Morgan Stanley too. According to Reuters:
Morgan Stanley, she said, “informed their own privileged clients” that it was downgrading its outlook on the stock, just before the IPO, and then issued more shares while raising the price “just to suck more suckers into the stock,” according to her FINRA complaint filed in July.