For now, all the questions of legality surrounding the IPO are far from being answered.

The SEC declined to comment, while Massachusetts' Galvin cautioned that his probe was still in the early stages. A spokeswoman for the Financial Industry Regulatory Authority, which is also looking into the matter, offered a similar note of caution.

"Until we unwind the facts and circumstances surrounding this situation, it is inappropriate to speculate about what potential violations may have occurred," she said.