Traders were informed Monday that regulators at the Financial Industry Regulatory Authority (FINRA) will be stepping in to oversee a process that will attempt to reconcile Friday’s botched trades, according to CNBC.
CNBC reported that the review will center on a period of trading of Facebook stock Friday between 11:11 a.m. and 11:30 a.m., during which investors did not receive order confirmations for trades accounting for some 30 million shares. The review could span as late as 2 p.m. on Friday, since confirmations came from Nasdaq in a steady trickle throughout the afternoon, according to a person familiar with the matter.
The Wall Street Journal reported that investors blame Morgan Stanley for overloading the market with too many Facebook shares and the Nasdaq for system glitches that prevented some investors from confirming their trades or trade cancelations, which some said cost them tens of thousands of dollars.
The Associated Press reported Facebook's stock opened Friday at $42.05 and fluctuated between $45 and $38 throughout the day.
"The underwriters completely screwed this up," Michael Pachter, an analyst at Wedbush Securities. told the Journal. The offering "should have been half as big as it was, and it would have closed at $45."
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Facebook's stock closed Monday at $34.03, down 11 percent from Friday's closing price of $38.23, the AP wrote.
The Securities and Exchange Commission and several entities at the Nasdaq will also be reviewing what caused Friday’s glitch, CNBC confirmed.
Reuters reported that several other social media stocks such as LinkedIn, Yelp and Zynga (a partner site of Facebook’s) all took hits on Monday.
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