Nasdaq 'to compensate Facebook investors over botched IPO'

Washington, June 6 (ANI): The Nasdaq stock exchange has reportedly planned to give compensation to shareholders who invested in the disastrous Facebook's botched Initial Public Offering (IPO).

A Wall Street Journal report said that the filing with the Securities and Exchange Commission on Wednesday will come as the Nasdaq reveals further details on how it will reimburse some of the reported 100 million dollars losses sustained by banks and trading firms.

Facebook's over-hyped IPO on May 18 was delayed by about 30 minutes due problems with Nasdaq's exchange systems.

According to The Telegraph, the delay left brokers with million of shares' worth of unconfirmed trades, the results of which were not known for two hours.

Nasdaq executives have earlier suggested that they would use 10.7 million gained from the group's own unexpected position in Facebook shares on the day of the IPO, adding to Nasdaq's standing three million dollars cap on compensation payable to exchange customers that lose money due to system outages. (ANI)