Morningstar plans on trading on the Nasdaq under the symbol "MORN," reports Investors.com, the online edition of Investors Business Daily. The company is also "fully cooperating with staff" regarding an ongoing investigation by the SEC into erroneous filings from 2004.
Morningstar potentially faces fines or other measures following incorrect total return data. Also, both the SEC and New York Attorney General Eliot Spitzer are scrutinizing Morningstar Associates, the company's unit that provides advice and consulting for retirement plans.
For the IPO, Morningstar has changed its underwriter from Morgan Stanley to WR Hambrecht. The company has not determined the number of shares it will offer or their price, but will use WR Hambrecht's OpenIPO auction process, with a 100-share bid minimum.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.