Morgan Stanley CEO James Gorman defended his bank's role as the lead underwriter for Facebook's IPO in an interview with CNBC. He stated that Morgan Stanley followed standard procedures by privately updating large institutional investors on lowered earnings estimates from analysts during the roadshow period. While news organizations reported on a modest revision added to Facebook's prospectus, they did not disclose the new estimates themselves. Gorman described the IPO as very complicated given the large size of the deal and volatile market conditions at the time. He declined to speculate on where Facebook's stock price would be in 12 months.