Nasdaq Pays $26.5M to Settle Facebook IPO Case
The Nasdaq Stock Market LLC has agreed to pay $26.5 million to settle claims that its negligence and misstatements about its technical capabilities contributed to shareholder losses on the day of Facebook Inc.'s 2012 initial public offering.
April 23, 2015 at 01:57 PM
4 minute read
The Nasdaq Stock Market LLC has agreed to pay $26.5 million to settle claims that its negligence and misstatements about its technical capabilities contributed to shareholder losses on the day of Facebook Inc.'s 2012 initial public offering.
The settlement in the case brought by Facebook shareholders, announced on Thursday, comes two weeks before the Nasdaq's lawyers were scheduled to go before the U.S. Court of Appeals for the Second Circuit to reverse a landmark 2013 ruling that denied a motion to dismiss the shareholder claims against the stock exchange.
The settlement is limited to those who bought shares on the day of the IPO.
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