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NASDAQ stock exchange being charged $10 million over Facebook IPO issues

NASDAQ and SEC settle civil suit over Facebook IPO; NASDAQ paying $10 million to SEC

| Business, Financial & Legal News | Posted: May 29, 2013 10:02 pm

The NASDAQ stock exchange is being charged $10 million for its failures in the Facebook IPO disaster last year. The $10 million charge comes as part of a settlement for a civil suit brought by the Securities and Exchanges Commission over allegations that computer software errors resulted in the poor IPO.

 

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By accepting this $10 million settlement, NASDAQ neither confirms nor denies that it had faced computer system errors last year. NASDAQ appears to have gotten off easy as the issues reportedly cost investors somewhere around $500 million. Facebook's stock sits at $23.30 after launching at an IPO price of $38.

NEWS SOURCES:Engadget.com

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