Friday, June 8, 2012

UNLIKE: UBS May Have Facebook Trading Loss of $350 Million - CNBC

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."


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