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SEC Charges NASDAQ for Failures During Facebook IPO

The NASDAQ stock exchange has agreed to pay a $10 million penalty for violations that occurred during Facebook's IPO and its aftermath, the SEC said.

By Michelle A. Samaad | Updated on May 29, 2013

The NASDAQ stock exchange has agreed to pay a $10 million penalty for violations that occurred during the initial public offering and secondary market trading of Facebook shares, the SEC said Wednesday.

According to the SEC’s order instituting settled administrative proceedings, despite widespread anticipation that the Facebook IPO would be among the largest in history with huge numbers of investors participating, a design limitation in NASDAQ’s system to match IPO buy and sell orders caused disruptions to the social media channel’s IPO, the SEC said.

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