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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
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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