nasdaq

Feds accuse five men of largest U.S. hacking scheme

Five men have been accused by the U.S. government of perpetrating the largest hacking scheme ever prosecuted in the United States.

Court documents revealed Thursday in federal court in New Jersey said the five men from Russia and Ukraine were able to hack into the computer systems at the Nasdaq, J.C. Penney, 7-Eleven, and JetBlue Airways, among other companies. Obtaining around 160 million credit and debit card numbers, the individuals allegedly were able to steal more than $300 million from at least three of the targeted companies, The Wall Street Journal has reported.

The hacking began in 2005 … Read more

Nasdaq seeks dismissal of class-action suits over Facebook IPO

The Nasdaq stock exchange has requested that a U.S. District Court judge in Manhattan throw out a group of class-action lawsuits charging the organization with violation of securities laws on the Facebook IPO.

In a brief filed Monday before U.S. District Court Judge Robert Sweet, Nasdaq said it couldn't be sued by consolidated class actions because of its legal status as a self-regulatory organization. As such an organization, Nasdaq argued, it cannot be sued for actions it took as part of its standard "regulatory functions." To bolster its case, Nasdaq also argued that the claim … Read more

SEC fines Nasdaq $10M over Facebook IPO

Analysts might attribute more blame with the Nasdaq now over Facebook's bungled initial public offering last year thanks to a new decision from the U.S. Securities and Exchange Commission.

The SEC is charging the American stock exchange with a $10 million penalty over poor decisions made as well as systems set up during the IPO and secondary trading scheme for shares of the world's largest social network.

According to the government agency itself, this is the largest penalty ever slapped against an exchange.

The SEC issued a memo on Wednesday detailing the rationale behind the decision. Here'… Read more

Dell CEO said to mull Blackstone buyout only with CEO assurance

It was assumed just a couple of months ago that Dell would go private with a $24.4 billion buyout under founder and CEO Michael Dell and private equity firm Silver Lake.

But several wrenches have been thrown into that plan.

Dell confirmed earlier this week that it had two possibly "superior" buyout bids, one coming from activist investor Carl Icahn and the other from private equity firm Blackstone. This means that if one of these two other potential bidders gets the prize, there could be a monumental power shift in the company.

Michael Dell is allegedly now … Read more

Nasdaq gets OK to pay out $62M for botched Facebook IPO

The Securities and Exchange Commission today approved Nasdaq OMX Group's plans to distribute as much as $62 million in cash to investors involved in Facebook's botched IPO.

The stock exchange operator will give funds to brokerages that lost money due to Nasdaq glitches that delayed the May 18 debut of Facebook shares by half an hour.

After the stock finally started trading, would-be investors complained they were not able to confirm changes or cancellations made to Facebook orders starting as early as 4:30 a.m. PT. Later on in the morning, some traders said they had not … Read more

Facebook served new lawsuit over bungled IPO

Just when it seemed like the Facebook shareholder lawsuits were easing up, the social network has been hit with a new IPO suit.

Investor Gaye Jones filed a new case against Facebook Chief Executive Mark Zuckerberg and the company's underwriters today, according to Reuters. Like several other investors that have sued Facebook, Jones claims that the social network knew about its weak revenue trends before its IPO but failed to disclose this information.

"The defendants were unjustly enriched because they realized enormous profits and financial benefits from the IPO, despite knowing that reduced revenue and earnings forecasts for … Read more

Nasdaq said to be settling with SEC over Facebook's IPO flop

Dozens of lawsuits and investigations emerged after Facebook's initial public offering on the Nasdaq Stock Market last year. One investigation, initiated by the U.S. Securities and Exchange Commission, focused on technical errors in Nasdaq's system that inadvertently delayed trading that first day.

Now, word has it that Nasdaq may be able to settle the debacle with the federal regulators, according to the Wall Street Journal.

Sources familiar with the matter have told the Journal that Nasdaq has been in preliminary settlement talks with the SEC. If the two sides do make a deal, it will most likely … Read more

Netflix, RIM, others get boot from key Nasdaq stock index

The shakeup that landed Facebook on Nasdaq's top 100 list is also leading to the departure of other prominent tech players.

Facebook was added last week to the Nasdaq 100, the collection of the largest 100 nonfinancial companies trading on the stock exchange. Facebook's addition to the index came with the departure of IT consulting company Infosys, which is moving over to the New York Stock Exchange.

However, Infosys is not the only tech company leaving the index. A handful of other prominent tech players, including Netflix and beleaguered handset maker Research In Motion will be dropped from … Read more

Apple stock slouches toward $500, near February lows

Even with Apple's top product arriving in more stores around the world, and its last products of the year shipping out, Wall Street's not so hot on the company today.

Shares of Apple closed at $509.79, down $19.90, or 3.76 percent, on Friday. That's near where the stock was trading in February, ahead of the journey that would take it beyond its high of $702 in September.

Of course everyone's looking for explanations behind the slump, a behavior that's become regular in the nearly three month span since the iPhone 5 went … Read more

Plaintiffs named in suit over Facebook's troubled IPO

A U.S. judge has named the lead plaintiffs in the dozens of class-action lawsuits brought against Facebook over its bungled initial public offering, according to Reuters.

District Judge Robert Sweet has been assigned 42 cases against the social network, which he consolidated in October. Today he picked a handful of plaintiffs to head the suits. The lead plaintiffs include several state pension funds, such as the North Carolina Retirement Systems, Arkansas Teacher Retirement System, the Fresno County Employees' Retirement Association, and Banyan Capital Master Fund. Collectively, this group claims a combined loss of $7.1 million.

"Its members … Read more