The Securities and Exchange Commission announced Monday that it will more closely examine the plan by Nasdaq to shell out $62 million to compensate firms that were affected by the technical issues that marred Facebook’s May 18 initial public offering.
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Nasdaq Chief Executive Robert Greifeld blamed the technical issues that affected Facebook’s initial public offering on “arrogance” and “overconfidence” while speaking at a conference of corporate directors at Stanford University’s Law School Sunday.
The negative spotlight from Facebook’s initial public offering refocused its glare on Nasdaq, as the stock exchange and its chief executive, Bob Greifeld, were slammed in a published report for using untested software to launch the IPO last Friday.
Nasdaq said it will set aside at least $13 million to make good for traders and investors who were affected by the stock exchange’s order-cancellation issues Friday, on the first day of Facebook’s initial public offering, but that amount may not be nearly enough to pacify those who are claiming losses.
