Senate Banking Committee To Review Facebook IPO

Date : 05/23/2012 @ 1:04PM
Source : Dow Jones News
Stock : Nasdaq, Inc. (MM) (NDAQ)
Quote : 68.87  0.2 (0.29%) @ 8:00PM

Senate Banking Committee To Review Facebook IPO

Nasdaq, Inc. (NASDAQ:NDAQ)
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The Senate Banking Committee plans to review the initial public offering of Facebook Inc., a Democratic aide said Wednesday.

Described as an informal inquiry, the committee plans to "learn more about issues raised in the news regarding Facebook's IPO by conducting staff briefings with Facebook, regulators and other stakeholders," the aide said.

The statement comes a day after Securities and Exchange Commission Chairman Mary Schapiro told the committee it too would review "issues" surrounding the IPO.

Nasdaq OMX Group Inc. has said it would have put the brakes on the offering had its executives known the full extent of technical problems that occurred, including delayed trading and order cancellation problems.

In a statement on Friday after the first day of trading, SEC spokesman John Nester said "as is our practice, staff will review the incident with Nasdaq to determine its cause and steps that will be taken to address it."

-By Andrew Ackerman, Dow Jones Newswires; 202-569-8390; andrew.ackerman@dowjones.com




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