based IPO, which also finds itself bumping up against a jittery market. Roughly 60 percent of this month's IPOs have priced below their estimated range, according to Thomson Financial. But market conditions are not purely to blame. Many investors said Google's initial price range was overly optimistic, leaving them wary of investing. Google also has disclosed its general counsel received a notice that the SEC staff intends to recommend the commission pursue civil penalties against him. The SEC also has started an informal inquiry into Google's offer to buy back 23.2 million shares it may have issued illegally. Google reiterated Wednesday it does not believe its involvement in the Playboy article violated securities rules. "They better get their act together, otherwise they will face a lot of investor scrutiny above and beyond what they probably deserve," said Christopher Baggini, who manages three funds with total assets of about $900 million at Gartmore Global Investments. He said that even $85 to $95 per share was "not necessarily low enough" for the IPO price. --more 2132 Local Time 1832 GMT
