REPORT: 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 [FB 27.25 0.94 (+3.57%) ]trade.
These people said UBS [UBS 11.665 -0.105 (-0.89%) ] 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."
READ REPORT HERE
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