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US OKs NASDAQ OMX Group Inc Payback Plan For Facebook Inc IPO, UBS AG Unhappy; Citigroup Inc, Knight Capital Group Inc And Citadel Also Took Loss In IPO-Reuters

Monday, 25 Mar 2013 03:41pm EDT 

Reuters reported that U.S. regulators approved NASDAQ OMX Group Inc's $62 million compensation plan for firms that lost money in Facebook Inc's market debut, a victory for the exchange operator that also set the stage for potential lawsuits from firms seeking more. The Nasdaq plan will give retail market makers far less than the $500 million in estimated losses from Facebook's initial public offering. The U.S. Securities and Exchange Commission approved the plan, and that firms had one week to submit requests for compensation. A systems failure at Nasdaq on May 18 prevented timely order confirmations for many market participants, leaving them trading in the dark in the midst of the leading online social network's long-awaited initial public offering. UBS AG has pegged its losses from the problematic IPO at above $350 million. It said it has already filed an arbitration demand against Nasdaq to fully recover losses due to the exchange's 'gross mishandling the IPO'. Other market makers that took losses in the botched IPO include units of Citigroup Inc, Knight Capital Group Inc and Citadel LLC. Citi had opposed Nasdaq's plan, while Knight supported the plan but did not want to waive its right to sue for compensation. Firms that sign on to the plan must agree not to take legal actions against Nasdaq over the IPO. Citadel has backed the plan. 

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