Photo: By: Spencer Platt/Getty Images
The fallout from the botched Facebook IPO continues.Bloomberg reports that one Facebook investor filed a lawsuit against NASDAQ this week alleging that it “badly mishandled” the opening hours of the IPO, effectively making it impossible for some traders to know if they owned Facebook stock or not.
The investor, Phillip Goldberg, says that he tried to make a series of buy orders online, which failed to go through at the time. Meanwhile, one of his trades was processed several hours later when Facebook’s stock price had already dropped by more than $3.
The NASDAQ, for its part, has already acknowledged that it botched the IPO and blamed the screw-ups on its poorly-designed software.
According to Bloomberg, Goldberg is now hoping to represent thousands of other investors who have similar complaints. Goldberg hasn’t yet revealed how much he’s looking for in compensation from NASDAQ.
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