Last Friday I placed a limit order to buy FB.After the market closed, I logged on and saw a notice saying my order had expired unexecuted.Yesterday (Thursday) I got an email from Scottrade with the subject, "Trade Confirmations Available Online."At first I thought it was a phishing attempt, since I hadn't placed any trades since last Friday, and that one expired without being executed.I just got off the phone with Scottrade, and they're now claiming that they didn't receive confirmation of the trade (from Nasdaq) until Wednesday.Do I have any legal recourse against Scottrade or Nasdaq?I can't help but wonder what would have happened if I'd spent that cash on another stock, or withdrawn it from my account.
Do I have any legal recourse against Scottrade or Nasdaq?I think only an attorney can advise on this situation.What price did you get it at and are you happy with it or can you do better? Right now it dipped below $32. Evaluate then decide on the action to take.I do think you could take action had they executed had you withdrawn or made another trade with those funds.Keep us advised.
What price did you get it at and are you happy with it…I got it at $39, and no, I'm not happy with it. I readily admit that I would have lost money anyway, but not as much.I honestly don't think FB is worth much more than $10/share, but given how over-hyped it was, I expected it to jump up.My "IPO strategy" is to buy over-hyped IPOs at the market open, and then issue a trailing stop limit order for 10%.I did this with Linked in. By mid-day it jumped way up, then started to fall. When it fell 10% of that day's high, it sold and I got a very nice return for a 1-day investment.But I never entered the stop-loss order because I never knew (until yesterday) that my buy order had gone through. If I had, my shares would have sold when the price fell to $35.10 ($39 minus 10%).Since it's now around $32, my "excess loss" is about $300.
I see two factors in your favor, a) your expired non executed trade notice (hopefully still have it) and b) that both Scottrade and the NASDAQ have not confirmation. I would argue those points plus your what if scenario if you had done something else with the money. If it were me I'd come out swinging. I had felt that the $38 was too high. I thought a better opening price was closer to $34. I'm still going to sit on the sideline with it below $32.
Your trading strategy requires a level of service that you are not guaranteed from Scottrade/Nasdaq. Just because they usually provide that level of service, it is not contracted.I would argue that because you received the expired notice, that you have a case, but IMNAL.Mark
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