Facebook ipo where to buy

Minutes later, Swaminathan, eager for the stock to open, called her son, who lives in New York City, to inform him about the 5, shares she had ordered. Her son, who studied finance at UC Berkeley, was livid. Cancel it! At a. In all the times she had seen IPOs on television, Swaminathan had never witnessed a market delay on the opening day. Something is wrong, she thought. She turned her attention to her computer screen only to realize that there was no sign of her having voided the order.

She kept refreshing the page in hopes of seeing the notification. When no cancellation report appeared, she called her stockbroker at Vanguard.

If the cancel order was placed, then it's probably cancelled, the broker told her. She got off the phone and went back to her computer screen. There was no sign of cancellation. She called Vanguard again. This time, she says, she waited on the line for a long time, but no one came to take her call. Meanwhile, Facebook stock opened at a. The mysterious delay was due to technical glitches. In the first 30 seconds, around 82 million shares were exchanged. Facebook did not experience the anticipated pop.

At p. Later that day, the Wall Street Journal reported that Morgan Stanley had stepped in to stabilize the stock, using what is referred to in finance as a "greenshoe option" -- a common stipulation in the IPO agreement that lets underwriting banks sell more shares to investors than they are allotted.

The mechanism lets banks buy back the shares at the offering price, in case the company's stock price needs a little help on the first day.

The buying action puts upward pressure on the stock. Her son came to New Jersey to stay with her over the weekend. For two days, they quarreled. He wanted to know why she put so much money into one stock, and she couldn't give him a satisfying answer.

On Monday morning, she called Vanguard. Her son advised her to hold onto her shares until she either resolved the matter with Vanguard or the price bounced back. The next couple days were a blur. Swaminathan approached Vanguard again, asking why the cancel order wasn't processed. She could have sold the shares before the price plummeted, she said to the broker, asking to speak with a supervisor. When she called a day later, Vanguard declared it a legitimate purchase.

There was nothing that could be done for her. When news started rolling in about class action lawsuits filed against Morgan Stanley and Facebook for selective disclosure, she was stunned. Institutional investors received warnings about lower revenue estimates before the opening day, CNBC reported. Some of these class-action lawsuits are still ongoing.

Swaminathan wasn't keen on using the court system. She had already lost money and was wary about losing more to legal expenses. But in June, one lawyer told her about the Financial Industry Regulation Authority FINRA -- a private corporation that acts as a self-regulatory body among securities firms, such as banks.

She believed the agency had a way for her to seek restitution without the complexities of a formal lawsuit. Discounted offers are only available to new members.

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