I have series 7 & 63. And I can see you need a lot of education on banking and business. The money made from an IPO is a multiple of the stated fee: green shoe trading profits, selling commissions, research, secondary offerings, new offerings in the related sectors, M&A advisory, etc etc. they had a clear choice: make it known their research which is used IN SUPPORT OF THE IPO has turned less positive, or try to keep it hush hush except maybe for a few insittional investors and keep the revenue stream. And they obviously didn't lose much supporting the offering since they cut it ran and let it tank.