Drugs group Lundbeck’s shares hit by profit warning

COPENHAGEN (Reuters) – Shares in Danish drugs firm Lundbeck fell to their lowest level in over 12 years on Wednesday after it cut its profits forecast for the next two years as European sales slow and spending on new products rise to combat generic competition.

The company has already warned that earnings would stall until 2015 due to cheap generic competition for its existing drugs, meaning new products will be vital for future earnings.

But Chief Executive Ulf Wiinberg said on Wednesday that the negative impact on revenue from healthcare reforms in Europe had also been bigger than expected in the last two years and that slowing European sales and generic competition were hurting.

As a result the company said operating profits would fall further than previously forecast in 2014 as it increases investments in its late-stage drugs development pipeline and product launches.

Lundbeck is working to find new drugs to replace lost revenue from products coming off patent protection such as its antidepressant Cipralex, which is sold as Lexapro in the United States and Japan, and Alzheimer’s drug Ebixa.

Wiinberg said 2014 would be the company’s peak investment year for the new products pipeline, offering it a solid foundation for growth starting in 2015.

“You only get one chance to launch a product and we have to do it well,” Wiinberg said at a briefing for investors.

He was commenting after the company warned in a statement that it now expects revenue in 2014 of about 14 billion Danish crowns ($ 2.5 billion) and an operating profit of between just 0.5 billion and 1 billion crowns.

Analysts have on average been forecasting a profit of over 2.5 billion crowns for 2014 on turnover of over 14.7 billion crowns, according to Thomson Reuters I/B/E/S Estimates.

Two years ago Lundbeck predicted its annual revenues over the period 2012-2014 would exceed 14 billion crowns a year while earnings before interest and tax (EBIT) would exceed 2 billion crowns a year.

Next years’ revenue is now forecast to be in the range of 14.1 billion and 14.7 billion crowns to produce an operating profit of 1.6 billion to 2.1 billion crowns, with no change to the company’s forecast for 2012.

Analysts’ forecasts for this year are for operating profit to drop 41 percent to 1.99 billion crowns on revenue down 8 percent at 14.7 billion crowns, while for 2013 they predict a profit of 2.26 billion crowns on revenue of 14.5 billion crowns.

Lundbeck’s shares were trading down 17 percent at 79.90 crowns at 12.44 p.m. British time, dropping below 80 crowns for the first time since April 2000.

“In the short term, earnings are under pressure,” Sydbank analyst Soren Hansen said.

Lundbeck said that it expects a dividend payout ratio of about 35 percent of net profits in the 2012-14 period. Last year it paid 3.49 crowns on basic earnings per share of 11.64 crowns, a payout ratio of 30 percent.

Analysts have been predicting a 27-30 percent cut this year to 2.53-2.28 crowns, according to Thomson Reuters StarMine data.

But a number of analysts doubt that revenue from new products will be enough to secure revenue growth in 2015, compensating for lost revenue from Cipralex, Lexapro and Ebixa which together accounted for about 70 percent of group revenue in 2011.

Lundbeck is working on new products such as antidepressant Brintellix in Europe and the United States for launch at the end of next year or start of 2014, as well as alcohol dependency treatment Selincro in Europe in mid 2013.

“It is difficult to see revenue from the smaller products compensating for the large products,” said Hansen.

“They have a lot of new products in the portfolio and a lot of products in the pipeline, but revenue growth in 2015 is not very likely,” he said. ($ 1=5.6458 Danish crowns)

(Editing by Greg Mahlich)

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'Constant reminder': Newtown holds third day of funerals

NEWTOWN, Conn. (AP) — For a third straight day Wednesday, funeral processions rolled through a grieving Connecticut town trying to make sense of the massacre of 20 first-graders and six adults in an elementary school less than two weeks before Christmas.

Dr. Joseph Young, an optometrist, said he has already been to one funeral and plans to attend two or three more.

"The first few days, all you heard was helicopters and now at my office all I hear is the rumble of motorcycle escorts and funeral processions going back and forth throughout the day," he said. "It's difficult. It's just a constant reminder."

Most students in Newtown went back to school Tuesday except those from Sandy Hook Elementary, where a gunman armed with a military-style assault rifle slaughtered the children and six teachers and administrators Friday. He also killed his mother at her home. If police know why, they have not said.

Students at Sandy Hook, which serves kindergarten through fourth grade, will resume classes in a formerly shuttered school in a neighboring community in January.

President Barack Obama on Wednesday pressed Congress to reinstate an assault weapons ban, which expired in 2004. He also called for stricter background checks for people who seek to purchase weapons and limited high capacity clips.

"This time, the words need to lead to action," said Obama, who set a January deadline for the recommendations.

In the meantime, mourners overlapped at back-to-back funerals that started Monday and will continue all week.

The first of Wednesday's funerals in Newtown was for 7-year-old Daniel Barden, a gap-toothed redhead and the youngest of three children whose family described him as "always smiling, unfailingly polite, incredibly affectionate, fair and so thoughtful towards others, imaginative in play, both intelligent and articulate in conversation: in all, a constant source of laughter and joy."

Hundreds of firefighters formed a long blue line outside St. Rose of Lima Catholic Church as bells sounded and bagpipes played. Daniel wanted to join their ranks one day, and many came from New York, where his family has relatives who are firefighters.

Family friend Laura Stamberg of New Paltz, N.Y., whose husband plays in a band with Daniel's father, Mark, said Daniel was a thoughtful boy who held doors for people and would sit with another child if he saw one sitting alone.

She said that on the morning of the shooting, Mark Barden played a game with his son and taught him a Christmas song on the piano.

"They played foosball and then he taught him the song and then he walked him to the bus and that was their last morning together," Stamberg said.

At the same time, in the town of Stratford, family and friends gathered to say goodbye to Victoria Soto, a 27-year-old teacher who has been hailed as a hero for dying while trying to shield her students, some of whom managed to escape.

"She had the perfect job. She loved her job," said Vicky Ruiz, a friend of Soto's since first grade. Every year, she said, Soto described her students the same way. "They were always good kids. They were always angels," even if, like typical first-graders, they might not always listen, Ruiz said.

Students Charlotte Bacon and Caroline Previdi were to be laid to rest later Wednesday, and calling hours were being held for popular 47-year-old principal Dawn Hochsprung. She and school psychologist Mary Sherlach rushed toward Lanza in an attempt to stop him and paid with their lives.

The massacre continued to reverberate around America as citizens and lawmakers debated whether Newtown might be a turning point in the often-polarizing national discussion over gun control.

Private equity firm Cerberus Capital Management announced Tuesday it plans to sell its stake in Freedom Group, maker of the Bushmaster rifle, following the school shootings. In Pittsburgh, Dick's Sporting Goods said it is suspending sales of modern rifles nationwide because of the shooting. The company also said it's removing all guns from display at its store closest to Newtown.

Lawmakers who have joined the call to consider gun control as part of a comprehensive, anti-violence effort next year included 10-term House Republican Jack Kingston, a Georgia lawmaker elected with strong National Rifle Association backing.

The National Rifle Association, silent since the shootings, said in a statement that it was "prepared to offer meaningful contributions to help make sure this never happens again." It gave no indication what that might entail.

And no indication has been made publicly about the motive of 20-year-old Adam Lanza, who, clad all in black, broke into Sandy Hook Elementary and opened fire on students and staff.

Authorities say the horrific events of Friday began when Lanza shot his mother, Nancy, at their home, and then took her car and some of her guns to the nearby school.

Investigators have found no letters or diaries that could explain the attack.

___

Zezima reported from Stratford. Contributing to this report were Associated Press writers Allen G. Breed, Helen O'Neill, John Christoffersen and Pat Eaton-Robb in Newtown; Michael Melia in Hartford; Larry Margasak in Washington and AP Business Writer Joshua Freed in Minneapolis.

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Canada serial killer inquiry finds “systemic bias” by police

(Reuters) – Police made critical errors in pursuing Canadian serial killer Robert Pickton partly because of “systemic bias” against his victims, sex trade workers from a rough Vancouver neighborhood, according to the final report from a public inquiry released on Monday.

Commissioner Wally Oppal was asked by the British Columbia government to investigate, in effect, why Pickton was not caught sooner. Women disappeared from the Downtown Eastside neighborhood for more than a decade before the pig farmer’s 2002 arrest.

“The investigations of missing and murdered women were characterized by blatant police failures, and by public indifference,” Oppal said at a press conference in Vancouver that was frequently interrupted by protesters.

Pickton was convicted of six murders, but prosecutors believe he killed many more – 20 other charges were stayed after he received the maximum possible sentence.

Oppal outlined a string of police errors, from failing to take proper reports when women went missing and communicate adequately with families, to ineffective coordination across jurisdictions. He called his more than 1,200-page report, which is based on eight months of hearings, “Forsaken”.

“After reviewing the evidence of the investigations, I have come to the conclusion that there was systemic bias by the police,” he said.

Oppal recommended that the provincial government establish a compensation fund for the children of the victims and consider creating a regional police force for Vancouver, instead of the patchwork of jurisdictions currently in place.

After Oppal’s announcement, B.C. Minister of Justice Shirley Bond wiped away tears as she spoke to victims’ families.

“I want you to know that, however inadequate these words sound, we are sorry for your loss,” she said. “We will work hard to prevent these circumstances from being repeated in our province.”

She announced the appointment of a former lieutenant governor, Steven Point, to serve as the report’s “champion”, guiding implementation. Bond said the government would immediately give new funding to WISH, a drop-in center for women who work in the Downtown Eastside’s sex trade.

POLICE RESPOND

The Vancouver Police Department said in a short statement that it is committed to learning from its mistakes and will study the report.

“We know that nothing can ever truly heal the wounds of grief and loss but if we can, we want to assure the families that the Vancouver Police Department deeply regrets anything we did that may have delayed the eventual solving of these murders,” it said.

Deputy Commissioner Craig Callens, who commands the Royal Canadian Mounted Police in British Columbia, said in a statement that his force will review the report.

Oppal said many individual police officers were diligent, and he commended several by name. But he said that as a system, the authorities failed because of bias against Pickton’s victims, many of whom were poor and addicted to drugs.

“Would the reaction of the police and the public have been any different if the missing women had come from Vancouver’s (more affluent) west side? The answer is obvious,” he said.

Aboriginal women were overrepresented among the victims, and Oppal repeatedly referred to the broader “marginalization” of aboriginal people in Canada.

“There has to be community responsibility for what has taken place,” he said, highlighting poverty and the conditions on the Downtown Eastside. “The social reality is that racism and gender bias are prevalent within Canadian society, and we must do something to eradicate those.”

Victims’ families and activists were on hand for Oppal’s press conference, and he stopped speaking several times as audience members shouted criticism, chanted and played drums.

The provincial government did not offer funding to a number of community organizations that said they needed support to participate in the lengthy and complex inquiry. In protest, other groups boycotted the process.

In November, several organizations, including the B.C. Civil Liberties Association, released their own report, criticizing the inquiry for, among other things, excluding too many aboriginal women, sex trade workers and drug users.

Bond, the justice minister, said she did not regret the decision not to fund those groups, but said she saw them participating in the future. “I think going forward this is room for us to include other voices.” (Reporting by Allison Martell; Editing by Eric Beech)

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A Minute With: Jessica Chastain on “Zero Dark Thirty”

NEW YORK (Reuters) – Jessica Chastain carries the weight of starring in one of the year’s most anticipated films, “Zero Dark Thirty,” about the decade-long hunt and eventual killing of Osama bin Laden.

Critics say Chastain pulls it off seamlessly as “Maya,” based on a real-life CIA agent who played a major role in tracking down bin Laden at his hideout in Pakistan.

As the film opens in limited U.S. release on Wednesday, Chastain, who is tipped as a likely best actress Oscar nominee for the role, talked to Reuters about playing a character she could not meet and why the film is an important look at America’s role in a dark war.

Q. What did you think when you saw this film finished?

A. “It is a tough one for me to watch, because there is so much responsibility with playing this woman. I find her to be incredible. And I didn’t want to change her story or make her a Hollywood version, with a lot of makeup. I didn’t want to trivialize what she did … I want her to like it, but I don’t know if she will ever see it.”

Q. How did you play someone you had never met?

A. “There was three months of working with (screenplay writer) Mark Boal, doing research, reading lists and talking to people. And then anything I could not solve through research, like what is her favorite candy – ’cause when we are all overseas we have something we do when we are homesick – I had to answer that question myself.”

Q. Boal hasn’t gone into too much detail about her?

A. “We have to protect her because she is an undercover CIA operative, still working.”

Q. What else did you know about her?

A. “When we finished the movie, when the Navy Seal book ‘No Easy Day’ came out. I raced to go read it, because I was like, ‘I need to know if my character is in the book!’ And they talk about Jen, the young CIA girl. Well, everything matched up. She was the only one that said 100 percent ‘he is there.’… They talked about how she had been on it close to a decade and they were only on it for 40 minutes. They said she was crying on the airplane afterwards.”

Q. During filming, were you ever worried about your safety, that the film might be misconstrued?

A. “As an actor you always worry about that. Because you think, maybe someone will see a film and they won’t understand the difference between acting and reality. The good thing is, what (director Kathryn Bigelow) and Mark have done, is that they have not made a propaganda film. They tried to make it as authentic as possible and respectful of the actual historical event as they could. That includes showing the intense interrogation techniques that were used. The end of the film – it’s not a lot of fist pumping and saying, ‘Here is our journey over 10 years and it was so difficult and we finally did it.’ It ends actually on a very different note.”

Q. Can you elaborate on that?

A. “Well, for me the whole thing is about the arc of this woman. She shows up in the beginning and she is wearing her best suit. She thinks she knows what she is in for, and she is completely out of her element. But over the 10 years, this woman, who has been trained to be unemotional and analytically precise … we see her struggling to keep it contained for 10 years and as she descends down the rabbit hole of the world she is in.

“So finally at the end when she is asked, ‘Where do you want to go?’ there is no way to answer that question. … She has no idea where she belongs, now that this is done. But not only does it speak in terms of that, but the movie ends with that question – where do you want to go? Where do we go now as a country? Where do we go as a society? It is not a movie that ends with an answer, and I find that powerful.”

Q. How did you cope with filming the torture scenes?

A. “We filmed in a real Jordanian prison, in the middle of nowhere. The environment wasn’t great, especially as a woman.

“They had a lot of trust between the actors, nothing was dangerous or unsafe. There was a lot of discussion to make sure that we weren’t doing something that was going to be salacious. They just wanted it to be accurate.

“I know I am playing a character who has trained to be unemotional. But I have spent my entire life allowing myself to be emotional, and allowing myself to feel everything. … There was actually one day that we were doing a scene, and I said, ‘I am sorry’ and I just had to walk away, and I just started crying … it was a very intense experience.”

Q. You are a top chance for Oscar nomination. Would that be more or less rewarding for this role?

A. “Because she is still an active member of the CIA and undercover, she can’t take credit for what she’s done. … And by making this film, it is my idea as a way of thanking her. It would be very emotional because of that.”

Q. You compare your character to getting lost down a CIA rabbit hole. What about your own dizzying rise as an actress?

A. “That’s a good question. I do think that next year I need to go somewhere for a month and be in a room by myself and be like, ‘Ok, what now Jessica?’ But I am nowhere near where she was at the end of this mission.”

(Reporting By Christine Kearney, editing by Jill Serjeant and Doina Chiacu)

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EU’s Almunia sets deadline for Google antitrust plan

BRUSSELS (Reuters) – The European Union set Google an ultimatum on Tuesday, giving it a month to come up with detailed proposals to resolve a two-year investigation into complaints that it used its power to block rivals, including Microsoft.

The EU’s antitrust chief, Joaquin Almunia, delivered the deadline in a meeting with Google Executive Chairman Eric Schmidt in Brussels.

If it fails to address the complaints, the world’s most popular search engine could face a lengthy battle with what is arguably the world’s most powerful antitrust authority. If found guilty, it could mean a fine of up to 10 percent of its revenue, or $ 4 billion.

“Since our preliminary talks with Google started in July, we have substantially reduced our differences regarding possible ways to address each of the four competition concerns expressed by the Commission,” Almunia said in a statement.

“On the basis of the progress made, I now expect Google to come forward with a detailed commitment text in January 2013.”

Almunia said he would seek feedback from rivals and users once he has received Google’s proposal.

Google said it continues to work co-operatively with the Commission.

The European Commission has been examining informal settlement proposals from Google since July but has not sought feedback from the complainants, suggesting it is not convinced by what Google has put on the table so far.

The EU watchdog’s two-year investigation has centered on complaints that Google unfairly favored its services over its rivals in search results, and that it may have copied material from travel and restaurant websites without permission.

The Commission is also looking into whether Google restricted advertisers from transferring their data to rivals.

The Commission’s decision to press Google to offer more far-reaching concessions comes in sharp contrast to the case U.S. regulators have against the company.

Sources told Reuters the U.S. Federal Trade Commission could drop their investigation into Google without requiring any major change in how the company does business.

(Reporting by Foo Yun Chee; Editing by Robin Emmott, Louise Heavens and Nick Zieminski)

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Merck, GE to collaborate on Alzheimer’s drug development

(Reuters) – Merck & Co and General Electric Co‘s healthcare unit have agreed to collaborate on an experimental drug for Alzheimer’s disease, the companies said on Tuesday.

GE Healthcare will supply Flutemetamol, an investigational imaging agent, to Merck for use with its experimental Alzheimer’s disease drug MK-8931.

The companies hope GE’s imaging agent will help identify patients who might benefit from a therapy such as Merck’s, which targets beta amyloid, a protein that can clump together and form plaques in the brain. Such plaques have been found in the brains of patients with Alzheimer’s disease.

MK-8931 is Merck’s lead Alzheimer’s drug candidate and is designed to modify progression of the disease as well as improve symptoms. Alzheimer’s robs patients of their memory and can cause other cognitive disturbances.

Based on promising results from an early-stage clinical trial of MK-8931, Merck plans to move forward with a larger trial, called EPOCH, at multiple sites around the world.

Flutemetamol is a positron emission tomography (PET) imaging agent that has been able, in clinical trials, to detect beta amyloid in the brain.

GE Healthcare will supply Flutemetamol to help select patients for clinical trials and evaluate the agent as a companion diagnostic tool. Financial and other terms of the agreement between the companies were not disclosed.

(Reporting By Toni Clarke; editing by John Wallace)

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Survivor's dad to NRA: Help make the U.S. safe for kids

Dan Gross, president of the Brady Campaign to Prevent Gun Violence, calls on Congress to address gun violence at …A teacher saved his 8-year-old son from the massacre in Newtown, and now Andrei Nikitchyuk has a message for the National Rifle Association: Help make the United States safe for kids again.

"I would offer NRA: Return this country their kids. If they can do it, I would like that very, very much," Nikitchyuk told reporters outside the Capitol after a press conference organized by the Brady Campaign to Prevent Gun Violence. The event was organized to pile pressure on lawmakers to enact new gun restrictions.

On Friday, which started like any other day at Sandy Hook Elementary School, Nikitchyuk's son, Bear, was walking with another child to turn in attendance sheets at the principal's office when the gunfire started. The boy told his father it sounded like someone slamming a door.

A teacher, Abby Clements, pulled the boys into her classroom and barricaded the door. Twenty children and six adults weren't so lucky and died in one of the worst mass shootings in U.S. history.

Nikitchyuk, who emigrated from the Soviet Union 22 years ago,  said he used to think that guns are part of American history and that "our politicians will do whatever they can do keep our children safe." After past mass shootings — Columbine and Aurora — "I would avert my eyes."

But now "we all need to speak up," Nikitchyuk said.

Relatives of Americans killed in other mass shootings stood somberly behind him, some nodding their heads or clutching photographs of their slain loved ones.

"It's not a partisan issue, it's an issue of safety of our children," he said. "Let's make it back to the country it was: Safe for kids."

"Friday changed everything," said Brady Campaign President Dan Gross. "It is a tipping point."

Gross echoed President Barack Obama's call for a national conversation about gun control. He insisted that the vast majority of Americans — including "responsible" gun owners — agree on the need for new restrictions.

"The only place that this is a contentious political debate is in that building behind us," he said, with a nod at the Capitol.

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Syrian rebels take control of Damascus Palestinian camp

BEIRUT (Reuters) – Syrian rebels took full control of the Yarmouk Palestinian refugee camp on Monday after fighting raged for days in the district on the southern edge of President Bashar al-Assad‘s Damascus powerbase, rebel and Palestinian sources said.

The battle had pitted rebels, backed by some Palestinians, against Palestinian fighters of the pro-Assad Popular Front for the Liberation of Palestine-General Command (PFLP-GC). Many PFLP-GC fighters defected to the rebel side and their leader Ahmed Jibril left the camp two days ago, rebel sources said.

“All of the camp is under the control of the (rebel) Free Syrian Army,” said a Palestinian activist in Yarmouk. He said clashes had stopped and the remaining PFLP fighters retreated to join Assad‘s forces massed on the northern edge of the camp.

The battle in Yarmouk is one of a series of conflicts on the southern fringes of Assad’s capital, as rebels try to choke the power of the 47-year-old leader after a 21-month-old uprising in which 40,000 people have been killed.

Government forces have used jets and artillery to try to dislodge the fighters but the violence has crept into the heart of the city and activists say rebels overran three army stations in a new offensive in the central province of Hama on Monday.

On the border with Lebanon, hundreds of Palestinian families fled across the frontier following the weekend violence in Yarmouk, a Reuters witness said.

Syria hosts half a million Palestinian refugees, most living in Yarmouk, descendants of those admitted after the creation of Israel in 1948, and has always cast itself as a champion of the Palestinian struggle, sponsoring several guerrilla factions.

Both Assad’s government and the mainly Sunni Muslim Syrian rebels have enlisted and armed divided Palestinian factions as the uprising has developed into a civil war.

“NEITHER SIDE CAN WIN”

Syrian Vice President Farouq al-Sharaa said in a newspaper interview published on Monday that neither Assad’s forces nor rebels seeking to overthrow him can win the war.

Sharaa, a Sunni Muslim in a power structure dominated by Assad’s Alawite minority, has rarely been seen since the revolt erupted in March 2011 and is not part of the president’s inner circle directing the fight against Sunni rebels. But he is the most prominent figure to say in public that Assad will not win.

Sharaa said the situation in Syria was deteriorating and a “historic settlement” was needed to end the conflict, involving regional powers and the U.N. Security Council and the formation of a national unity government “with broad powers”.

“With every passing day the political and military solutions are becoming more distant. We should be in a position defending the existence of Syria. We are not in a battle for an individual or a regime,” Sharaa was quoted as telling Al-Akhbar newspaper.

“The opposition cannot decisively settle the battle and what the security forces and army units are doing will not achieve a decisive settlement,” he said, adding that insurgents fighting to topple Syria’s leadership could plunge it into “anarchy and an unending spiral of violence”.

Sources close to the Syrian government say Sharaa had pushed for dialogue with the opposition and objected to the military response to an uprising that began peacefully.

In a veiled criticism of the crackdown, he said there was a difference between the state’s duty to provide security to its citizens, and “pursuing a security solution to the crisis”.

He said even Assad could not be certain where events in Syria were leading, but that anyone who met him would hear that “this is a long struggle…and he does not hide his desire to settle matters militarily to reach a final solution.”

In Hama province, rebels and the army clashed in a new campaign launched on Sunday by rebels to block off the country’s north, activists said.

The Syrian Observatory for Human Rights, an opposition-linked violence monitor, said fighting raged through the provincial towns of Karnaz, Kafar Weeta, Halfayeh and Mahardeh.

It said there were no clashes reported in Hama city, which lies on the main north-south highway connecting the capital with Aleppo, Syria’s second city.

Qassem Saadeddine, a member of the newly established rebel military command, said on Sunday fighters had been ordered to surround and attack army positions across the province. He said Assad’s forces were given 48 hours to surrender or be killed.

In 1982 Hafez al-Assad, father of the current ruler, crushed an uprising in Hama city, killing up to 30,000 civilians.

Qatiba al-Naasan, a rebel from Hama, said the offensive would bring retaliatory air strikes from the government but that the situation is “already getting miserable”.

(Additional reporting by Oliver Holmes, Erika Solomon and Dominic Evans in Beirut, Afif Diab at Masnaa, Lebanon; editing by Philippa Fletcher)

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HBO making “Game of Thrones”-themed beer

LOS ANGELES (TheWrap.com) – Winter is coming – and so is a new line of beers based on HBO‘s fantasy drama “Game of Thrones.” Presumably, all will boast a full, robust head, perhaps resting on top of a spike.

HBO is teaming with Cooperstown, N.Y. brewery Ommegang for a line of brews centered around the series, the New York Times reports. The first beer, Iron Throne Blonde Ale, is slated to go on sale in March, in time for the March 31 premiere of the show’s third season.

It sounds like the perfect libation for watching the premiere from the comfort of your $ 30,000 Iron Throne replica.

A second “GoT”-themed beer will go on sale in fall 2013, with two more varieties expected to go on sale in conjunction with new seasons of the series.

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Massachusetts fines Morgan Stanley over Facebook research

BOSTON (Reuters) – Morgan Stanley, the lead underwriter for Facebook Inc’s initial public offering, will pay a $ 5 million fine to Massachusetts to settle charges that its bankers improperly influenced its research analysts when the Internet company went public.

Massachusetts’ top securities regulator, William Galvin, charged that Morgan Stanley improperly helped Facebook disclose sensitive financial information selectively, perpetuating what he calls “an unlevel playing field” between Wall Street and Main Street.

Morgan Stanley has been under criticism since the social media company went public in May for having revealed revised earnings and revenue forecasts to select clients on conference calls before the media company’s $ 16 billion initial public offering. A Morgan Stanley spokeswoman did not immediately return a call seeking comment.

Galvin, who has been aggressive in policing how research is distributed on Wall Street ever since investment banks reached a global settlement in 2003, said the bank violated that settlement. He fined Citigroup $ 2 million over similar charges in late October.

Massachusetts says that a senior Morgan Stanley banker helped a Facebook executive release new information and then guided the executive on how to speak with Wall Street analysts about it. The banker, Galvin’s office said, rehearsed with Facebook’s Treasurer and wrote the bulk of the script Facebook’s Treasurer used when calling the research analysts.

The banker “was not allowed to call research analysts himself, so he did everything he could to ensure research analysts received new revenue numbers which they then provided to institutional investors,” Galvin said in a statement.

Retail investors were not given any similar information, Galvin said, saying this case illustrates how institutional investors often have an edge over retail investors.

(Reporting By Svea Herbst-Bayliss with additional reporting by Suzanne Barlyn in New York; Editing by Theodore d’Afflisio)

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