TECH NEWS: $ 10 million fine on the Nasdaq for shares of Facebook

Friday, May 31, 2013

$ 10 million fine on the Nasdaq for shares of Facebook

Nasdaq Agrees to Pay 10 Million to Settle SEC Charges Over Facebook IPO 10 مليون دولار غرامة على ناسداك من أجل سهم فيس بوك
Financial Markets Authority imposed a fine in the amount of U.S. $ 10 million on the NASDAQ and the problems that you got when you put Facebook shares for public subscription a year ago.
This is the largest fine imposed by the financial markets in its history, the regulator says that should the financial market to ensure that the systems work and procedures and contingency plans to have a strong and adequate to manage any process put public offering of shares without the occurrence of interruptions in the market or the effect on him and on other stock listed therein.
The inclusion of shares Facebook on the stock exchange of the largest listing with a large number of investors willing to buy the stock, but that the system of financial market failed to meet all the requests for buying and selling on the stock then on the first day for inclusion led to a series of decisions troubled investors thus violating the rules and procedures laid down.
And agree NASDAQ management to pay the fine without progress in recognition of dereliction of winning tip as well without denying it or make a formal apology.
And then investors claimed they suffered losses amounted to $ 100 million as a result of these technical problems experienced by the market.
And NASDAQ Administration said that they are testing capacitor and widely organized before offering any shares for public subscription, the test did not reveal when you insert Facebook share for design flaws that caused the technical errors.