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Facebook IPO investor sues Nasdaq over trading delays

The investor, Phillip Goldberg, says the Nasdaq market "badly mishandled" share orders during Facebook's May 18 initial offering.

A Maryland investor sued the Nasdaq stock exchange over its mishandling of the Facebook IPO on May 18, claiming that investors lost money because the exchange failed to process buy, sell and cancellation orders in a timely fashion.

The investor, Phillip Goldberg, filed his complaint in Manhattan federal court and is seeking class-action status, Bloomberg reported.

Goldberg's complaint alleges that Nasdaq was negligent because it delayed trades and failed to cancel customer orders as requested. The exchange has apparently blamed faulty software. Nasdaq also faces an SEC review over trading in Facebook shares.