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Gasparino up -- the story has come true or just as you predicted a -- As as we reported the -- -- NASDAQ has filed.
Its response to the FaceBook IPO class action lawsuit is as as we reported earlier.
A motion to dismiss somebody interest in aspects it's along the lines -- of what we were talking about today.
-- there's some other interesting elements -- basically the NASDAQ is arguing that it has immunity.
From a suit like this because it's an SRO a self regulatory organization and -- thought it should bring the -- should do the IPO despite the -- does that would be better for the markets.
Kind an interest in ordinary also.
The plaintiffs haven't really established that there was fraud involved here.
Again you know read I'm reading this real quick debate that's actually listen you know he was a screw up you know who he we've admitted we've apologized.
But you know in order to really hammer us you have to prove you you have to his liking them if you want to -- this money.
Any initial fraud haven't done that and then the other thing the other main point that I picked this is just along -- -- -- we say say here.
The -- mean in the small investors have no contractual relationship that the NASDAQ.
Dating trade on the NASDAQ it's the brokerage firms that had a contractual relationship with the NASDAQ their beef if there's any beef.
He's with the brokerage firm probably should have told the maybe -- -- stay away.
You know and -- -- -- dynamic between the brokerage firms and NASDAQ as you know -- -- out there most most players have taken that settlement.
You know even if they lost money -- investors lost one if you haven't.
But that's that's a tougher case then maybe an investor case against NASDAQ it's a lot more you know we've we've we care about small investors what they what they're doing.
But it's clear here that NASDAQ is trying to put all these organs together and say you know there is no case there's no place actually -- -- Lafayette intra -- stock -- move and and it's not gigantic this is the one year but if you look at the -- stock -- you can see.
The NASDAQ stock -- starting to move on this right now what happened out about just over half a percent now it's -- story down half a percent now it's down just about a third of the first yeah.
I mean you know I'm not a lawyer -- to lawyers every day unfortunately.
But you know these seem like compelling arguments in this sense.
You know if you're small investor you know.
Did you know do you would you would you buy a stock.
You know is is is the NASDAQ or any exchange responsible for a screw up you know they owe you money.
And are -- countervailing.
Arguments that you know listen you know maybe your your broker should've said don't buy the stock may -- brokerages said walk away.
You know that's kind of what the same interview of as a matter of law -- the investor do not deal with the NASDAQ you deal with an intermediary.
And an intermediary either tells you buy sell or you make your own decision.
But you're you're -- your beef is not with us -- -- -- -- plus as a self regulatory organization that they they're saying is that we make we make calls every day.
Right we thought this would be better for the markets.
To make this call to keep it open and as a suffered a tore a rescission.
We're kind of it will what was -- we were kind of immune -- -- -- claiming immunity from from from their decision kind of an interesting argument I told -- -- -- -- On a Friday on it was a kind of feels extra real -- Friday they had a shot.
But and I user that's I think it's filed we you know we heard your first pressure -- all right then again the stock is responding positively about it coming up off the -- thank you Charlie very much -- -- -- --
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