The Facebook selloff just after the company's initial public offering came dangerously close to escalating in a run on the stock, traders say.

The iconic social network's stock plunged by more than 11 percent on Monday, one day after going public amid a messy Friday session, as a Nasdaq system glitch failed to properly execute buy and sell orders.

The Nasdaq OMX Group, the exchange division whose snags delayed the opening, sent out an alert saying investors who lost money because of the snafu could be eligible for compensation, traders tell CNBC.

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Considering the company was priced too high in the eyes of many market participants, eligibility sent traders selling to line up for compensation, which almost sparked a massive run on the stock.

"Who knows how much selling pressure was added to the stock on Monday by people in my same situation?" a hedge fund manager tells CNBC.

"My broker told me, "You're absolutely not alone. We're doing a ton of this.'"

Meanwhile, lead underwriter Morgan Stanley is under fire for allegedly cutting Facebook's revenue forecast prior to the IPO although word didn't get out to all investors.

The bank is defending itself.

"Morgan Stanley followed the same procedures for the Facebook offering that it follows for all IPOs," bank spokesman Pen Pendleton says in an e-mailed statement to Bloomberg.

"These procedures are in compliance with all applicable regulations."

The Massachusetts securities regulator has subpoenaed Morgan Stanley over the matter.

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