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Swedes said to have unexpectedly bought too many Facebook shares

Monday, 21 May 2012
Technical problems with Facebook's IPO made some Swedish investors bought twice as many shares as they intended, according to Claes Hemberg, savings economist at Avanza Bank.

"Unfortunately, investors can not sue the Nasdaq exchange for this. They can only sell their Facebook shares this afternoon and hope that they have made some winning, "he says.
Avanza has decided to buy back shares from Facebook customers who bought too many, according Hemberg.
Avanza bought about 300 customers’ shares in Facebook last Friday, especially the young people. The offering price was $38 per share, or about Skr270.

At first it looked like an average purchase of about Skr27,000, but due to the double purchasing it tends out that the average purchase, in fact, was more than SEK 50,000, according Hemberg. Other savers purchases were and they got error messages.

In addition, there was a delay in the operations due to congestion, according to Claes Hemberg, who is critical of the Nasdaq to not have started to trade on time
The delay of Facebook's trade with half an hour at the IPO launch last Friday is explained by Nasdaq OMX CEO Robert Greifeld that the process was affected by poor software design, according to Bloomberg News in a conference call on Sunday.

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