Fidelity, Knight problems add to Nasdaq’s Facebook woes

Advisers familiar with the situation at Fidelity said many investors are now finding out, nearly a week after the fact, that their orders were not executed at the prices they thought.

The repercussions from Facebook’s botched initial public offering deepened on Thursday as Fidelity Investments found itself dealing with “thousands” of customers with order problems and Knight Capital demanded tens of millions of dollars in compensation from Nasdaq for trading-related losses.

A technical glitch delayed Facebook’s market debut by half an hour on Friday and many client orders were delayed subsequently, costing some investors and traders big losses as the stock price dropped after an initial gain

The exchange operator is facing lawsuits from investors and threats of legal action from brokers that have been compensating customers for delayed trades.

Action on Facebook stock has essentially become secondary to the fallout from the IPO — its price, its size, its execution and questions about selective disclosure of its financial prospects.

U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority and Massachusetts Secretary of the Commonwealth William Galvin are looking into how the IPO was handled. The U.S. Senate Banking Committee is also reviewing the matter.

Nasdaq also has to contend with the outside prospect that it could entirely lose the Facebook listing after having just obtained it.



News
Entertainment
Sports
Lifestyle
Local

FDNY debuts new fire simulator for blazes at…

The New York City Fire Department christened its newest, state-of-the-art, custom-built simulator at its training academy on Randall's Island Tuesday.

Local

Bronx cop saves baby who stopped breathing

A Bronx police officer is credited with saving the life of a 2-month-old baby who stopped breathing Tuesday morning. Police Officer Johnny Castillo, 38, was…

Local

Brewer celebrates Women's Equality Day with voter pledge

Manhattan Borough President Gale Brewer celebrated Women’s Equality Day Tuesday by pledging to register at least five women voters before the Oct. 10 deadline. Brewer…

Local

NYPD looking for lewd D train rider

The NYPD is enlisting the public’s help to find a man they say performed a lewd act on the D train Saturday evening. The incident…

Television

'Pretty Little Liars' recap: Season 5, Episode 12,…

If you've wondered whether Ali and Bethany knew each other, you got an answer tonight: Yes, and in a very tangled way. But many lingering…

Entertainment

Cymbals Eat Guitars Have Everything to 'LOSE'

At its most basic level, a rock band can be thought of as a family, a group of people selflessly devoted to a cause. When…

Entertainment

"Bachelor in Paradise" recap: Episode 4, 'Week Four'

Some things are hard to watch in a “Human Centipede” sort of way. Other things in an “American History X” sort of way. Does “Bachelor…

Movies

Fall Movie Preview: 10 films to see this…

Despite being awards season, the next four months bring a glut of remakes, rehashes and sequels. Here are 10 that should be better worth your time.

College

When are 2014 college football playoffs? (Schedule, date,…

When and where are 2014 college football playoffs? A look at the schedule, date, TV, time for the semi-finals at championship game.

NFL

Dimitri Patterson suspended only for rest of preseason…

Dimitri Patterson ended up getting just a slap on the wrist.

Sports

Eugenie Bouchard excited for 'rowdy' fans at US…

Eugenie Bouchard is sure to endear herself to New York's tennis faithful as she tries to win her first grand slam title across the next two weeks.

MLB

MLB Power Rankings: Angels and A's still at…

MLB Power Rankings: Angels and A's still at top, Nationals climb

Wellbeing

Who is having the most orgasms?

  Single lesbians report having orgasms more often than heterosexual women but both gay and straight men still come out on top of the climax…

Home

Jonathan Adler shares his tips for a great…

Jonathan Adler took a break from boogie boarding at his beach house to tell us how to keep that Labor Day party festive.

Travel

Most popular Labor Day weekend destinations

Priceline.com released its Top 20 destinations for the end of summer, including Labor Day weekend. If you’re heading to any of these spots, expect a…

Wellbeing

Working your way to type 2 diabetes: Job…

When it comes to type 2 diabetes, a stressful job can be as risky for your health as a bad diet and no exercise. A…