Facebook IPO was marred by software glitch, Nasdaq CEO says

The mishandled and delayed orders in the early minutes of Facebook's initial public offering were caused by "poor design" in the stock exchange's software, said Nasdaq OMX Group CEO Robert Greifeld. Last-minute order modifications and cancellations overwhelmed the system, he said. However, he said that the technical issues didn't affect how Facebook's shares traded. Meanwhile, the Securities and Exchange Commission said it will look into the situation. "As is our practice, staff will review the incident with Nasdaq to determine its cause and steps that will be taken to address it," said John Nester, a spokesman for the SEC.

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