Right, and I agree that the underlying value of FBComp hasn't changed. But that variability in the correctness of pricing of a stock is part of the game, is it

Right, and I agree that the underlying value of FBComp hasn't changed. But that variability in the correctness of pricing of a stock is part of the game, is it not? As is the mis-estimation of a company's "true worth" by investors. If the problems with NASDAQ weren't present, and there was a first day bump as expected, I could see that instilling confidence in investors, driving demand for the stocks. Hence nanex's strongly worded quote about ripple effects. Do you disagree with that? Ultimately we'll never know what would have happened, but the negative ripple effects seem plausible.