Nasdaq Agrees to Pay $10 Million to Settle SEC Facebook Case
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Nasdaq OMX Group Inc. agreed to pay $10 million to settle Securities and Exchange Commission charges that its mishandling of Facebook Inc.’s initial public offering last year was a violation of securities laws.
Regulators cited the second-largest operator of U.S. equity markets for its “poor systems and decision-making” during the IPO in May 2012 that was delayed by a computer malfunction. Nasdaq agreed to the settlement without admitting or denying the SEC’s findings, according to a statement released today. The payment is the largest with an American exchange, which enjoy legal protections because of their self-regulating role.