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Facebook IPO blunder sees NASDAQ hit with record $10m SEC fine

Facebook IPO blunder sees NASDAQ hit with record $10m SEC fine

Facebook's billion dollar IPO didn't just leave a lot of investors frustrated, it also left NASDAQ under the glare of a US Securities and Exchange Commission investigation, which has culminated in a $10m penalty. The fine comes as the SEC deems that NASDAQ ill-prepared for the Facebook floatation, not taking into account the likely demand by investors, and leading to significant disruptions on the day.

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Facebook IPO prompts legal free-for-all

Facebook IPO prompts legal free-for-all

As Facebook's IPO "bungle" explodes on the legal scene this week, firms litigating against and defending NASDAQ, the banks that took Facebook public, and the public itself are running rampant. Law firms are being said to using this situation as a so-called "feeding frenzy" as quite a bit of cash is on the line. "I think we should expect a lot of finger pointing," so says Jacob Frenkel, partner at law firm Shulman Rogers Gandal Pordy & Ecker and a former enforcement lawyer with the U.S. Securities and Exchange Commission, "that's the exact reason that this is going to be such an opportunity for law firms."

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Facebook IPO debacle triggers class-action suit

Facebook IPO debacle triggers class-action suit

A legal firm has filed a class-action lawsuit in the United States District Court for the Southern District of New York on behalf of the people who purchased common stock of Facebook during its IPO on May 18th. The IPO issues have already resulted in lawsuits being filed against Facebook and other banks have already been sued over the marketing of the IPO. A legal firm called Kessler Topaz Meltzer & Check, LLP has announced that they have filed a class-action lawsuit on behalf of the people who purchased stock in Facebook.

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“In retrospect, it was incorrect” says NASDAQ on Facebook IPO

“In retrospect, it was incorrect” says NASDAQ on Facebook IPO

NASDAQ today is letting investors know that they will not necessarily get "dollar on the dollar" compensation for the losses they experienced at the hands of the blackout felt at the start of Friday's Facebook IPO. It's not that NASDAQ doesn't want Facebook as a stock anymore, nor that they regret working with Facebook in the first place, it's just that they wish they'd not started the day on the wrong side of the bed, so to speak. A conference call between brokers and NASDAQ at Tuesday's close of the market had NASDAQ OMX Group's Eric Noll saying that trading "by no means would have gone forward" if they'd known problems would arise.

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Facebook IPO blunders leave Nasdaq “humbly embarrassed”

Facebook IPO blunders leave Nasdaq “humbly embarrassed”

Facebook's IPO launch on Friday was marred with flaws in the Nasdaq system, the exchange operator has admitted, that left investors unclear on what they'd actually bought or sold for several hours. The Nasdaq team was "humbly embarrassed" in what "was not our finest hour" CEO Robert Griefield conceded, revealing that the company will change its IPO processes in future and maintaining that the public offering was nonetheless "successful."

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Facebook IPO Wrap-up

Facebook IPO Wrap-up

The numbers are in and Facebook's IPO has without a doubt made its mark on the history of the US stock exchange. What we've got here is Facebook making a record or two as it goes public for the first time ever, ringing in the NASDAQ bell this morning with its founder Mark Zuckerberg and sitting in at right below $40 a share the whole day through. Have a peek at the finer points of the day here and let us know how much of the big blue social network you bought here on its first big day!

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Facebook IPO hits third-biggest of all time [Live Stream]

Facebook IPO hits third-biggest of all time [Live Stream]

Today's Initial Public Offering of the social network known as Facebook has already set their stock up in the record books as the third largest IPO in history behind Visa and Enel. If Facebook's stock does sit at $16 billion as projected, it will be just behind Enel, an electric utility part-owned by the Italian government which earned $16.5 billion at its own IPO. Facebook is currently not projected to reach much higher than that, with Visa's 2008 IPO at $17.9 billion USD keeping the high mark extremely high, as it were.

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Facebook IPO and Hackathon set for Friday

Facebook IPO and Hackathon set for Friday

The past few weeks have been full of little surprises when it comes to Facebook and their Initial Public Offering which will take place this Friday, but none have been so encouraging as this: a new Hackathon in its honor. This tradition is long-standing at Facebook that they have a Hackathon whenever the time is ripe, and certainly no time is more ripe for the picking than on the eve of the company's first public shares offering. This event is taking place at Facebook's Menlo Park headquarters and, curiously enough, also in Sao Paulo Brazil.

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Facebook IPO set at $11.8 billion

Facebook IPO set at $11.8 billion

When you head to the stock exchange to pick up a piece of Facebook at their IPO this summer, you'll be paying somewhere between $28 and $35 a share. This is what Facebook has let the world know this will be the price for prospective stock buyers when the company lets loose its Initial Public Offering. This preliminary price range would set the company up for a gigantic bit of valuation, people familiar with the matter suggesting Facebook Inc. to be worth $85 billion to $95 billion at the fall.

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Facebook IPO tipped for May 17 after Zuckerberg “roadshow”

Facebook IPO tipped for May 17 after Zuckerberg “roadshow”

Facebook's IPO will begin trading on May 17, new sources have indicated, with a hype building "roadshow" tipped to kick off on May 7 as the social networking site aims to raise multi-billions. Founder and CEO Mark Zuckerberg will be involved in the roadshow, so the WSJ' sources say, despite previously sitting out analysts' meetings, with the site targeting $5bn or more in the funding round.

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