Citigroup Rips Nasdaq over Handling of Facebook IPO

Firms lost millions over the botched opening day.

The Nasdaq stock market devoted more effort and resources to securing the Facebook's listing than actually executing the social network's initial public offering, Citigroup says in a letter to the Securities & Exchange Commission.

Citi, among several firms that lost millions due to the botched opening of trading in Facebook shares May 18, says Nasdaq's proposed settlement for mishandling the offering is woefully insufficient in the 17-page letter to the SEC.