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September 22, 2006

Fidelity Screws Over Customers on DivX IPO

posted by MR WAVETHEORY at 9/22/2006 08:13:00 AM
I am hearing from several sources that Fidelity is not letting customers sell the DivX IPO shares which they were allocated. That means Fidelity retail customers who were allocated shares at $16 per share have been unable sell them. Instead, they are getting error messages on their online trading screens. I do not know Fidelity but this sounds pretty devious and an untransparent way of doing business, particularly since institutions have been furiously selling while retail investors have not been able to sell their shares. The DivX IPO has been trading down the entire morning since the opening price of $19.50, so Fidelity customers must be furious. DivX Inc is trading at $17.60 as of 11:10AM.

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