With all eyes on Facebook’s IPO in May 2012, NASDAQ had a technical glitch at one of the worst times imaginable. Their systems went down that Friday afternoon, delaying the social networking site’s opening on the exchange and leaving trades of millions of shares unconfirmed for hours, forcing traders to estimate what moves to make next.
Ballard Spahr partner Stephen Kastenberg saw on the news what was happening to his client—he and his firm had been kept on to work for NASDAQ after the exchange bought his longtime client Philadelphia Stock Exchange in 2007.
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