TheFlyOnTheWall.com is a financial news and information website with its headquarters located in Summit, NJ. It was involved in a court case relating to its publication of financial data, including analyst recommendations from Barclays and Morgan Stanley, before they were distributed to all paying clients. A federal judge ruled that Theflyonthewall must "wait until two hours after release to publish recommendations released during the trading day. For reports issued after hours, they have to hold off until 10 a.m. the next day." The company was ordered to pay $12,750 in damages to Barclays and Morgan Stanley.
The decision was reversed on appeal in June 2011.
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