Nasdaq to release compensation plan for Facebook IPO fiasco
Washington, July 21 (ANI): Nasdaq has said that it will release its compensation plan for firms that lost money in the bungled Facebook Initial Public Offering in May, according to a report.
According to a report by Fox Business, the deal will be all cash, and is expected to be more than the 40 million dollars originally proposed.
An unnamed source said Nasdaq is working with the Securities and Exchange Commission on a second draft of the proposal, CBS News reports.
Facebook's first day as a public company kicked off with a 30-minute delay, after which traders complained they were not able to confirm changes or cancellations made to Facebook orders.
Nasdaq's proposed 40 million dollars offer has not appeased upset investors.
According to the report, some investors estimated the total amount of losses to be close to 200 million dollars. (ANI)
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