Nasdaq Official Said to Concede Missteps in Facebook IPO Process
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A Nasdaq OMX Group Inc. official acknowledged that the exchange operator was unaware of all the problems affecting Facebook Inc.’s initial public offering as it worked to start trading on the morning of May 18, according to two people with direct knowledge of the discussions.
Had the scope of the issues with the IPO auction been known before it began, Nasdaq wouldn’t have moved forward, Eric Noll, the executive vice president for transaction services, said in a call with brokers today, according to the people, who asked not to be identified because the talks were private.