SEC Approves Nasdaq's $62 Million Facebook IPO Reimbursement Plan
The Securities and Exchange Commission has given Nasdaq OMX Group approval to repay investment firms a total of $62 million for technical problems associated with the Facebook initial public offering this past May.
Facebook was one of the most anticipated IPOs of 2012, but computer problems led to delayed trades and insufficient trading information that caused some investment firms to lose millions of dollars.
The SEC will allow Nasdaq to pay $62 million in repayments in light of the computer problems that investors faced while trying to buy and sell Facebook stock the day of its IPO. Nasdaq said in June that it would pay $40 million, but increased that amount to $62 million.
The Associated Press contributed to this report.
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