Some conduct in the financial securities arena may pose a conflict between the SEC and the Sherman Antitrust Act as to jurisdictional application. The general rule is that SEC regulation immunizes certain conduct from antitrust law because any application of the law would conflict with or undermine the SEC’s authority. This paper discusses whether a private damages claim under antitrust law is permissible where the alleged conduct giving rise to the claim involved an IPO. The implications for the SEC regulatory scheme’s compliance with antitrust laws, the potential for lawsuits against investment banks and securities dealers, and the power of the securities dealers to manipulate the price of shares are discussed.