Facebook Inc. (FB:US) underwriters purchased the company’s stock to keep it from falling below $38 a share after debuting on the Nasdaq Stock Market, people with knowledge of the matter said.
The bankers supported the stock after Nasdaq OMX Group Inc. (NDAQ:US) faced difficulties delivering trade execution messages after the initial public offering, said one of the people, who asked not to be identified because the transactions are private.
Jonathan Thaw, a spokesman for Menlo Park, California-based Facebook, declined to comment.
To contact the reporter on this story: Brian Womack in San Francisco at email@example.com
To contact the editor responsible for this story: Tom Giles at firstname.lastname@example.org