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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Toys R Us | NYSE:TOY | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From Nov 2019 to Nov 2024
By Chelsey Dulaney
The Financial Industry Regulatory Authority said Thursday that it has fined 10 firms, including Barclays Capital Inc. and Goldman, Sachs & Co., a total of $43.5 million for offering favorable coverage of Toys"R"Us's failed 2010 initial public offering to secure a spot as underwriters on the offering.
The fines range from $2.5 million for Needham & Company LLC to $5 million on Citigroup Global Markets Inc. Credit Suisse Securities (USA), LLC; J.P. Morgan Securities LLC; Deutsche Bank Securities Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; Morgan Stanley & Co., LLC; and Wells Fargo Securities, LLC were also fined.
Finra said that in April 2010, Toys"R"Us invited the 10 firms to compete for a role in its planned IPO. The company in May 2010 disclosed plans to raise up to $800 million in new shares.
Toys"R"Us asked the analysts to make presentations to management in an effort to ensure that the analysts' views on issues such as valuation factors aligned with the firms' investment bankers, Finra said. Some of the analysts voiced a positive outlook on Toys"R"Us and its potential IPO during their presentations, Finra said.
Toys"R"Us offered the 10 firms roles in the IPO, but didn't end up proceeding with the offering.
Finra also said that Barclays, Citigroup, Credit Suisse, Goldman Sachs, J.P. Morgan and Needham didn't have adequate procedures in place for research analyst participation in investment banking pitches.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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