The SEC Digs Into Facebook’s Botched IPO
Facebook’s (NASDAQ:FB) IPO blunder is still in the spotlight today as the Securities and Exchange Commission readies its own inquiry in just what went wrong with one of the tech industry’s biggest debuts in years.
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SEC Chairwoman Mary Schapiro said Tuesday as she left a Senate Banking Committee hearing that her agency will examine “issues” surrounding the initial public offering in an effort to ensure confidence in public markets. An agency spokesman declined to elaborate on just what “issues” were under review.
In a statement Friday, after Facebook’s first day of public trading had ended, SEC spokesman Jon Nester said, “as is our practice, staff will review the incident with Nasdaq to determine its cause and steps that will be taken to address it.”
Nasdaq OMX Group Inc. (NASDAQ:NDAQ) over the weekend acknowledged design problems with Nasdaq technology, saying order cancellations interfered with the initial public offering process.
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