Investors sue Nasdaq, Facebook over IPO

[shawn703]

Source: Reuters


(Reuters) - Nasdaq OMX Group Inc has been sued by an investor who claimed the exchange operator was negligent in handling orders for Facebook Inc shares following its initial public offering, causing losses for investors.

In addition, a different civil lawsuit was filed against Facebook, Mark Zuckerberg, IPO underwriters Morgan Stanley & Co and others alleging violations of securities laws.

Phillip Goldberg, a Maryland resident, is seeking class-action status on behalf of all investors who lost money because Nasdaq delayed or otherwise mishandled their buy, sell or cancellation orders for Facebook stock on May 18, the day the social networking company went public.

A technical glitch delayed Facebook's market debut by roughly half an hour, and later delayed order confirmations.


Read more: http://www.reuters.com/article/2012/05/23/us-nasdaq-facebook-lawsuit-idUSBRE84M02O20120523

[Laurian]

1. What a mess!

Incompetence abounds on Wall Street. How do they deserve such exorbitant salaries?

[groundloop]

2. Crybabies. They gambled, epxecting to make a quick buck, and lost. Boo Hoo.

EVERY single high profile IPO I can remember has declined in value at first. These fucking crybabies gamble at the Wall Street Casino, loose a few percent overnight, and now it's everyone's fault except their own.

[yellowcanine]

3. I agree. They thought because IPOs traditionally do well FB would also.

Classic case of ignoring the advice that "past performance is no guarantee of future performance."