Tags: SEC | Nasdaq | Facebook | IPO

SEC Approves Plan for Lost Facebook IPO Money

Monday, 25 Mar 2013 10:10 AM

 

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The Securities and Exchange Commission says it has approved a plan by the Nasdaq stock exchange to pay $62 million in reimbursements to investment firms that lost money because of technical problems during Facebook's initial public offering last year.

The Nasdaq originally said last July that it would pay $40 million.

Facebook went public May 18 amid great fanfare, but computer glitches at the Nasdaq delayed the start of trading and threw the debut into chaos.

Technical problems kept many investors from buying shares that morning, selling them later in the day or even from knowing whether their orders went through. Some said they were left holding shares they didn't want.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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