[ by Melanie Gretchen ] The SEC and FINRA were about to give "un-Likes" to Facebook and Nasdaq Stock Exchange over the problematic handling of Friday's IPO, but then reversed course and launched an investigation.  The regulators will team up with several entities representing Nasdaq to conduct a full-blown review into all the glitches that plagued Facebook's opening day of trading. Planned Investigation. Focusing on a period of trading on Friday between 11:11 a.m. and 11:30 a.m. – during which time investors did not receive order confirmations for trades accounting for some 30 million shares – the review could span as late as 2 p.m. on Friday, since confirmations came from Nasdaq in a steady trickle throughout the afternoon.  In some cases, that paperwork, seen as crucial to trading books, was not received until late Sunday or early Monday, according to investors and a person familiar with the matter. Friday Trading. In defense of the market, despite a system freeze and some glitches surrounding the open, Nasdaq spokesman Joe Christinat has that "100% of our confirmations were completed by 1:50 p.m. on Friday."  Kayla Tausche and Jesse Bergman of CNBC said this "raises questions as to why some of those receipts were significantly delayed — potentially signaling further hold-up at the broker-dealer or bank level." What's At Stake. For its errors, Nasdaq may have to pay – literally – depending on FINRA’s findings.  In the alert, traders were told that Nasdaq would have "sole discretion" in determining the total amount of any accommodation pool, which would include any "unintended gains" resulting from some of Friday’s transactions. Nasdaq, which competed with NYSE Euronext, plans to revamp the process by which IPOs begin trading, after Facebook's record as the most traded IPO in U.S. history overloaded the market's computer system.  Following Friday's problems, many of Facebook’s new investors dumped uncertain positions, putting downward pressure on shares which closed only slightly higher.  On Monday, Facebook shares plummeted out of the gate, ending the day down 11%. For further details, go to [CNBC, 5/21/12].