Nasdaq To Pay Record $10M Fine For Facebook IPO Mistakes
The Securities and Exchange Commission announced Wednesday the punishment for Nasdaq's mishandling of Facebook's initial public offering: a record $10 million fine, the largest penalty paid to the SEC by an exchange. Nasdaq came under fire for several mishaps, such as failing to send trade confirmations to investors.
The Securities and Exchange Commission announced Wednesday the punishment for Nasdaq’s mishandling of Facebook’s initial public offering: a record $10 million fine, the largest penalty paid to the SEC by an exchange. Nasdaq came under fire for several mishaps, such as failing to send trade confirmations to investors.
Sister site SocialTimes reported on Nasdaq’s penalty, showing the SEC’s complaints:
According to the SEC’s report, a design limitation in Nasdaq’s system that matches IPO buy and sell orders disrupted the Facebook stock offering.
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