What a mess.
Lyft is going after Morgan Stanley, following reports that the firm was selling a product to help investors short-sell the ride-sharing company’s stock. Last week, the New York Post reported that Morgan Stanley — the lead underwriter for Lyft’s main rival Uber — was helping investors bet on a drop in Lyft’s stock prices. In response, Lyft sent a letter to Morgan Stanley demanding answers and threatening litigation, according to CNBC. Morgan Stanley has denied the claims, telling CNBC that “[A]ny suggestion that Morgan Stanley has engaged in an effort to apply 'short pressure' to Lyft is false.” The situation could turn out to be a big battle around one of several major tech IPOs this year.