Menlo Park, Calif.
Mark Zuckerberg, chief executive officer of Facebook Inc., center, Sheryl Sandberg, chief operating officer of Facebook, center left, and Robert Greifeld, chief executive officer of Nasdaq OMX Group Inc., center right, remotely ring the opening bell for trading at the Nasdaq MarketSite from the Facebook campus in Menlo Park, Calif. Facebook Inc. began trading Friday after a record initial public offering that made the social network more valuable than almost every company in the Standard & Poor's 500 Index. (Zef Nikolla / Facebook /May 18, 2012)
Nasdaq soon may pay a penalty for its flawed handling of Facebook Inc.’s initial public offering.
But it may not be paying all that much.
The Wall Street Journal reported that Nasdaq is in settlement talks with the Securities and Exchange Commission to pay about $5 million to resolve the agency’s eight-month investigation of Nasdaq’s technological miscues in the closely watched IPO.
That would be a fraction of the estimated $500 million lost by brokers and investors, according to the Journal.
Nasdaq is in separate negotiations with customers about potential reimbursement for losses incurred in the May 18 offering.
Among other snafus, Nasdaq failed to send trade confirmations to investors, leaving them confused about whether they bought shares and the prices they paid.
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