Over the next two days, Morgan Stanley and the other underwriters called their top institutional clients, including mutual-fund giants Fidelity and Capital Research and Management, saying their analysts had lowered Facebook's earnings and revenue estimates, according to people familiar with the matter.

WSJ: Morgan Stanley Was 'Driver' on Facebook's Wild IPO Ride

He also received lobbying from groups including the BBC, the TUC, media firm Enders, the Guardian, BT and Capital Research Management.

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That was the highest proportion in any year since at least 2004, according to Renaissance Capital, an IPO research and investment-management firm.

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The competition is hosted by the Michigan Interactive Investments club and sponsored by Humdoozy, Peak6, Longbow Research, Morningstar, Grosvenor Capital Management, Tappan Street Partners and the Student Government Association at the Ross School of Business.

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Fidelity and Los Angeles asset-management firm Capital Research expressed concerns to Morgan Stanley, according to people briefed on the conversations.

WSJ: Morgan Stanley Was 'Driver' on Facebook's Wild IPO Ride

Louis-based Alpine Capital Research, which holds 2 million shares, and Schneider Capital Management, a Wayne, Pennsylvania investment firm with 350, 000 shares, both have announced they will vote against the deal.

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