A class action lawsuit was filed yesterday against NASDAQ by an individual investor accusing the stock exchange of botching his Facebook stock (FB) orders on the day of the IPO.
Plaintiff Phillip Goldberg alleges that he “placed purchase and cancellation orders for Facebook’s stock that NASDAQ failed to promptly and accurately execute” last Friday, May 18, 2012, causing he and scores of other investors to suffer losses on their trades (view the lawsuit below).
This is not the first time that NASDAQ has been sued, and given last week’s foul-ups, it won’t be the last.
When you have a combination of NASDAQ CEO Robert Greifeld admitting that the exchange’s trading system malfunctioned, Facebook’s highly anticipated stock offering that didn’t exactly ‘pop’ when it IPO’d, and disgruntled commercial and individual investors, it looks like a perfect storm of discontent.
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Track and view legal filings in the case here, for free, and read the complaint below:
Class Action Complaint (Phillip Goldberg v. NASDAQ OMX Group and the NASDAQ Stock Market, LLC)