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
National

Rapper affiliate of Wu-Tang Clan 'cuts off own…

Rapper Andre Johnson, who has performed with New York outfit the Wu-Tang Clan, is in a critical condition after reportedly cutting off his own penis…

National

Cleavage complaint: Disneyland staffer orders curvy mom to…

A curvy mom-of-three says she filed a formal complaint after staff at Disneyland Resort in California ordered her to cover up her boobs. Melissa Behnken,…

International

Canadian charged in 'Heartbleed' attack on tax agency

OTTAWA (Reuters) - Canadian police have arrested a 19-year-old man and charged him in connection with exploiting the "Heartbleed" bug to steal taxpayer data from…

National

Every dog has his day in court, in…

(Reuters) - Call him juror K-9.A computer glitch is likely to blame for a summons that called a German Shepherd to report for jury duty,…

Television

‘Survivor: Cagayan’ recap: Episode 8

Sure, it's called Survivor. But this season should really be called 'The Tony Show.'

Television

Jim Rash talks 'The Writer's Room' and amazing…

For Jim Rash, as the fifth season of "Community" comes to a close, the second season of "The Writer's Room" begins.

Going Out

Tasty chicken and waffles in NYC

Try some soul food goodness around the city.

Television

'Dexter' star Jennifer Carpenter moves into producing role

The actress who played the title character's sister in "Dexter" is teaming up with producer George Stelzner to adapt Erika Hayasaki's book "The Death Class:…

NBA

Knicks wrap up season with win over Raptors

The Knicks wrapped up their season as it began — undermanned — but that still didn’t deter them from ending it the right way.

MLB

Adam Warren closes out doubleheader sweep for Yankees

Adam Warren navigated a tricky ninth inning earn the Yankees a 2-0 victory over the Cubs.

NHL

Marc Staal healthy, eager to contribute to Rangers…

Marc Staal remembers the feeling of helplessness watching his teammates compete for hockey’s ultimate prize and being unable to contribute.

NFL

2014 NFL Mock Draft: Updated, new April version

2014 NFL Mock Draft: Updated, new April version

Wellbeing

This Week in Health: chocolate may prevent obesity…

Can chocolate prevent obesity and diabetes? Location of study: U.S. Study subjects: Mice Results: The positive health benefits of chocolate have been studied increasingly more…

Wellbeing

This Week in Health News: breastfed infants trying…

Are breastfed infants trying to prevent mom from having another baby? Theory: The act of breastfeeding not only brings mom and baby closer together –…

Wellbeing

Unexplained infertility may be caused by lack of…

Researchers have identified a protein on the egg's surface that interacts with another protein on the surface of sperm, allowing the two cells to join.

Tech

5 surprising facts about Google Glass

Your sex life could get more interesting.