. >> tom: morgan stanley c.e.o. james gorman says the firm followed all the rules when it brought facebook to the public. a morgan stanley spokesperson confirmed gorman told employees today speculation of "nefarious activity" is untrue.fnjj-xó a lot of cash. >> i think what we are going to find is that the disclosures were not false or misleading. and then you start getting into shades of gray. >> reporter: gray, because securities regulations allow companies going public to give institutional investors more information than is provided to retail investors, says columbia law professor john coffee. >> there is a lot of reason to believe selective disclosure occurred and that should embarrass facebook and morgan stanley. but embarrassment is not the same as legal liability. >> reporter: because big investors were reportedly warned about revenue problems at facebook, they won't be able to sue claiming they weren't warned. law professor david lipton says institutional investors may also be wary of suing the underwriters they count o