It was the biggest lead balloon to crash on Wall Street in years. On May 8, 2012, Nasdaq opened Facebook Inc.’s initial public offering at $38 per share. The price plummeted. Investors lost hundreds of millions of dollars.
Now litigation over the botched IPO is moving forward — not just against Facebook, but also Nasdaq. A federal judge has scheduled arguments on the exchange’s motion to dismiss for October 3.
Source: Unfriending the Facebook IPO.