Facebook IPO trading glitch may cost Nasdaq over $100 mln
Washington, May 21 (ANI): A trading glitch at Nasdaq during last Friday's Initial Public Offering for Facebook may end up costing the American stock exchange nearly a 100 million dollars to compensate the losses, according to a report.
Fuming traders and investors have slammed Nasdaq with demands that the exchange make good on losses they say were incurred during the messy execution of the Facebook IPO.
Nasdaq systems essentially broke down and failed to execute buy and sell orders for the stock at various times during Friday's stock sale, according to people with first-hand knowledge of the matter.
According to Fox Business, these people said that the demands for money could total 100 million dollars or possibly more.
Nasdaq chief executive officer Bob Greifeld is, however, at least for now, taking the position that the exchange will not cover the losses, the report said.
According to the report, traders said that the losses they incurred last Friday because of the Nasdaq glitches have marred what should have been a huge victory for the exchange, snaring the coveted "listing" of Facebook's highly anticipated IPO.
Traders and investors said that orders for shares of Facebook went unfilled for hours, and cost them money due to the glitch in Nasdaq systems.
Shares of Facebook were priced at 38 dollars, quickly moved to around 42 dollars dollars, but ended the day about where they started at 38.23 dollars.
Meanwhile, Facebook has said that the company is upset with the Nasdaq's handling of the IPO. (ANI)
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