Fallout from the botched Facebook initial public offering continues, which NASDAQ now counts as 30 million improperly executed shares. Industry behemoths Scottrade, Charles Schwab and Fidelity are feeling the heat from customers.
“Many investors have found that their orders for Facebook were not executed at the prices they thought, said advisers, who declined to be identified because they are not allowed to speak to the press,” according to the news service.
All Facebook stock trades in clients’ accounts from May 18 have been confirmed, a Fidelity spokesman said. The following message was also attached to online customer accounts:
Special Notice to Customers Submitting Orders for Facebook Stock on Friday, May 18, 2012 Because of acknowledged problems at NASDAQ, some customers who placed orders for Facebook (FB) stock on Friday, May 18, 2012 may have experienced delays in status updates. This is an industry-wide issue that affected many different broker-dealers and other market participants. We realize that some customers still have questions about how these delays may have affected their trading activity. We understand that NASDAQ is working with federal regulators to determine what, if any, accommodation might be made. However, customers should assume that any shares of Facebook stock currently credited to their accounts are owned by them and available for trading. We will continue to work with the industry to get NASDAQ to come to a resolution that addresses the concerns of our customers.