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UBS to sue Nasdaq over 'gross mishandling' of Facebook IPO | | Swiss global financial services company UBS is threatening to sue Nasdaq after
technical problems at
the exchange cost it nearly 230 million dollars on the Facebook IPO. UBS is to
sue Nasdaq over what it has described as the U.S. exchange's "gross mishandling"
of the 104 billion dollars stock market listing of Facebook. "As a market maker
in one of the largest IPOs in U.S. history, we received significant orders from
clients, including clients of our wealth management businesses," UBS said. "Due
to multiple operational failures by NASDAQ, UBS's pre-market orders were not confirmed
for several hours after the stock had commenced trading," it added. According
to The Telegraph, UBS was one of several banks working on the flotation of Facebook
that ended up losing money after a series of technical problems with Nasdaq's
systems. Because of the technical failures, many orders for Facebook shares were
entered several times, meaning that when the shares were finally delivered several
hours later UBS received far more stock than its clients actually wanted leaving
it with a large number of shares to sell at a loss following the fall in the company's
share price.
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