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NASDAQ Hit With Record Fine For Bungling Facebook IPO
- 05/30/2013 09:58 AM EDT Sci/Tech
About a year ago, when Facebook went public it was one of the highest profile and most anticipated IPOs in memory -- and it all went surprisingly wrong. Now, NASDAQ has been levied a giant fine, $10 million, which is the largest ever exacted from an exchange, for its role in the mishap.
The Securities and Exchange Commission announced the fine today, closing the door on a debacle that hurt the organization's reputation and shook confidence in the market overall.
Facebook's IPO was troubled from the start: The start of trading was delayed, and once it began, there were more delays, with buyers being forced to wait for hours.