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Timothy B. Lee

Timothy B. Lee

Timothy B. Lee covers technology policy, including copyright and patent law, telecom regulation, privacy, and free speech. He also writes about the economics of technology. He has previously written for Ars Technica and Forbes. You can follow him on Twitter or send him email.

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Brian Fung

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Andrea Peterson

Andrea Peterson covers technology policy for The Washington Post, with an emphasis on cybersecurity, consumer privacy, transparency, surveillance and open government. She also delves into the societal impacts of technology access and how innovation is intertwined with cultural development.

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Posted at 12:57 PM ET, 05/29/2013

The Circuit: SEC fines Nasdaq $10M for botched Facebook IPO

SEC charges Nasdaq over Facebook IPO: The Securities and Exchange Commission has fined Nasdaq $10 million for its “failures” during Facebook’s initial public offering last year.

The SEC’s order said that a design limitation in the exchange’s system caused initial trading problems, which were then compounded by a “series of ill-fated decisions that led to rules violations.”

Facebook stock has never rebounded to the levels of its May 18, 2012, opening day -- $38 per share. A number of factors, including investor doubts about its advertising model may have contributed to the slack, but some have said the company’s IPO left a black mark on the stock in the year that followed.

Since the IPO, Facebook itself has lost roughly $50 billion in market capitalization, down to $57 billion on Wednesday from a value of $104.2 billion when the market closed on its opening day of trading.

Softbank-Sprint deal clears CFIUS: Sprint and Japanese carrier SoftBank announced Wednesday that their proposed merger had been approved by the Committee on Foreign Investment in the United States. The companies faced criticism from lawmakers concerned about how foreign ownership of America’s third-largest wireless carrier might affect national security.

According to a filing at the Securities and Exchange Commission, Sprint and SoftBank will appoint an independent, voting member to its board to serve as security director.

The government will also have a right to approve and review certain Sprint vendors and service providers. The agreement also includes some provisions dealing with Sprint’s planned takeover of a smaller carrier, Clearwire, which is awaiting approval from Clearwire’s shareholders. The government will have a onetime right to remove any equipment within the Sprint or Clearwire network by Dec. 31, 2016.

The Federal Communications Commission will now be able conduct an independent review of the proposed merger, after putting its assessment on hold while the national security issues were considered.

Sprint shareholders also have yet to approve the deal, and there is a competing bid from Dish Networks, which The Washington Post reported may be less attractive now that CFIUS has approved the Softbank proposal.

Lisa Jackson to Apple: Apple has hired former Environmental Protection Agency head Lisa Jackson to serve as a senior adviser on environmental issues, Apple chief executive Tim Cook told attendees at the annual All Things Digital conference Tuesday night.

In an e-mail to The Washington Post on Tuesday, Jackson said, “I’m incredibly impressed with Apple’s commitment to the environment and I’m thrilled to be joining the team.”

She said Apple has “shown how innovation can drive real progress by removing toxics from its products, incorporating renewable energy in its data center plans and continually raising the bar for energy efficiency in the electronics industry.”

Mary Meeker releases her Web trends report: Mary Meeker, a partner at the venture capital firm Kleiner Perkins Caufield Byers, released her annual Internet Trends report in conjunction with a presentation at the All Things Digital conference.

The next major trend, according to Meeker, is wearable technology, with data innovation also expected to gain interest.

Meeker also shared a somewhat surprising finding by her firm: Americans are actually behind the curve when it comes to sharing information. Only fifteen percent of Americans surveyed by the firm said they share “everything” or “most things” online. But more than 60 percent of respondents in Saudi Arabia answered “yes” to the same question.”

By  |  12:57 PM ET, 05/29/2013

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