Nasdaq chief exec Robert Greifeld admitted Sunday that the exchange was at fault for some glitches in early trading of Facebooks Initial public offering but said it had nothing to do with the stocks uninspired performance.
Social networking service Facebook went public Friday with the largest tech Initial public offering in history.
Facebook, based in Menlo Park,California, raised $16 billion in its Initial public offering last week, valuing thesocial networking site at $104 billion.
The stock did not pop in early trading and ended up disappointing many analysts and social media enthusiasts by closing 9.5 percent down from its $42 opening price and just barely above its $38 original Initial public offering price.
Greifeld told a handful of reporters Sunday that the Nasdaqs systems got backed up because there were quite a few order cancellations that came in late in the IPOprocess.
The New York Times reports Greifeld said the exchange was “humbly embarrassed” about the delay in confirmations, but that it was not responsible for losses incurred by trading.
Charlie Gasparino at Fox Business says angry traders are demanding that Nasdaq repay them for $100 million or possibly more.
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The STMP35xx SOC and its software was the most fully integrated portable MP3 playback system at release time and SigmaTel was Austin’s largest Initial public offering capturing over 60% of flash based MP3 player world market share in 2004.
Anna Street is a business journalist based in London, UK. Anna has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Anna spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.
