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UBS May Have Lost $350M on Facebook

scott
edited June 2012 in Off-Topic
Apparently, when they didn't get confirmation of the first order, they kept hitting the buy button. Oops.

--

"UBS is sitting on losses that could be as high as $350 million stemming from its investment in the Facebook initial public offering, and is preparing legal action against Nasdaq as a result, people familiar with the matter told CNBC.

That loss is some ten-times more than the $30 million number that is currently being speculated in the market by others.

The issue has to do with the failure to get confirmations and executions from the Facebook trade.

**** The best part --- These people said UBS wanted 1 million shares, but when it did not receive confirmations, it repeated the order multiple times and was left with much more than it intended."****

Sources told CNBC, UBS is preparing a lawsuit against Nasdaq.

http://www.cnbc.com/id/47739332

Comments

  • [Deleted User]
    The user and all related content has been deleted.
  • Derf
    Devils advocate: If UBS had received say 5 million shares,4 million by mistake & the price was now $50 / share. Would nasdaq be doing the lawsuit??

    Derf
  • [Deleted User]
    The user and all related content has been deleted.
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