The state of Massachusetts is suing Citigroup for $2 million in relation to the firm’s actions during Facebook’s initial public offering earlier this year. A junior analyst with the firm, who was terminated in Sept., released confidential information to a technology news site ahead of the firm’s IPO, Reuters said Friday. One of the company’s managing directors, who oversaw the junior analyst, has reportedly been let go.
“We take our internal policies and procedures very seriously and have taken the appropriate action,” Citigroup said in a statement to Reuters. Facebook’s public listing was highly anticipated but the company’s stock price dropped considerably after the IPO.