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| 2001 News and Press Releases |
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HEADLINE ARCHIVED:
SEC's IPO Inquiries Advance On Two Fronts
By: Susan Pulliam and Randall Smith
The Wall Street Journal. Wednesday, November 28, 2001
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Excerpt: A two-pronged investigation into possible abuses in the IPO market could prove to be double trouble for Wall Street. Four major securities firms -- Goldman Sachs Group Inc., the Robertson Stephens unit of Fleet Boston Financial Corp., the securities unit of J.P. Morgan Chase & Co., and Morgan Stanley -- have emerged as a focus of a Securities and Exchange Commission probe, according to people familiar with the case. The SEC is trying to determine whether Street firms improperly tied allocations of initial public offerings of stock to promises by customers to buy additional shares once trading began, the people said. The SEC also wants to know whether such "aftermarket" orders amounted to manipulation during the technology-stock bubble. The four firms decline to comment.
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