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Facebook Wants to Keep “FB” on the Nasdaq Exchange

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Facebook Wants to Keep “FB” on the Nasdaq Exchange
[ Business]

As of yesterday, Facebook executives have decided it’s a good idea to keep their stock, ticker symbol “FB”, listed on the Nasdaq Stock Exchange.

Previously the company had debated taking their shares over to the NYSE after Nasdaq experienced a devastating computer glitch that left big bank trading desks flying blind on the morning of their IPO launched.

Currently, Facebook, the Nasdaq, and Facebook’s lead underwriters are facing investor lawsuits stemming from the botched IPO. More recently, Facebook has put a lot of the blame on the Nasdaq for poor trading performance and decrease investor confidence.

While Facebook and its underwriters are seeking to consolidate their lawsuits, Nasdaq is being investigated by the Securities and Exchange Commission and other regulators for the alterations they made to computer codes which they say led to the computer communication breakdown.

In the meantime, Nasdaq has taken steps to compensate investors who incurred loses on the first day of Facebook trading as a result of the glitch. Facebook, on the other hand, still claims they carried out the IPO in a way that complies with all regulatory guidelines, and with full financial disclosure to investors.

So, as we wait to see what the outcome of these lawsuits and investigations will be, Facebook has decided there couldn’t be any harm in sticking with the exchange they originally chose. I think it’s a really good idea to stick with the Nasdaq. I don’t think investors, the Nasdaq, or Facebook can sustain anymore upheaval surrounding the IPO. It’s wise to buckle down and get all the non-sense cleared up first.

Stability should be the strategy going forward. Hopefully, going public wont be seen as Facebook’s first step to going down the tubes when we look back. While the way the deal went down hurt investor confidence and jaded many other internet property’s decisions to go public, it could just be a temporary setback if they play their cards right.

Facebook Wants to Keep “FB” on the Nasdaq Exchange
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