Fidelity Investments said it was working with “thousands” of brokerage clients affected by trading issues that have engulfed Facebook Inc’s much-anticipated initial public offering, according to a source familiar with the situation.
The social media site’s IPO has been steeped in controversy since it started trading last Friday.
Almost a week later, many investors have found that their orders for Facebook were not executed at the prices they thought, said advisers, who declined to be identified because they are not allowed to speak to the press.
All Facebook stock trades in clients’ accounts from May 18 have been confirmed, a Fidelity spokesman said.
“On behalf of our customers, Fidelity’s senior management has been working with the regulators, market makers and NASDAQ to represent all of our customer’s trading issues from May 18, and we will continue to do so until we are confident that NASDAQ has done everything it can to mitigate the impact to our customers,” the spokesman said.