Major Swiss financial group UBS says it took a huge loss on the Facebook initial public offering due to glitches in the Nasdaq system.
UBS made the information public in its April-June quarterly financial statement on Tuesday.
UBS says the exchange's technical troubles made it impossible to confirm the trading of Facebook stock for several hours when the social networking giant was listed on the Nasdaq market in May. This made the bank buy many more shares than it needed.
UBS says it suffered a loss of about 360 million dollars because the Facebook stock price plunged after the initial public offering. UBS is planning to take legal measures against Nasdaq.
Several financial institutions have already taken Nasdaq to court, demanding compensation.
UBS made the information public in its April-June quarterly financial statement on Tuesday.
UBS says the exchange's technical troubles made it impossible to confirm the trading of Facebook stock for several hours when the social networking giant was listed on the Nasdaq market in May. This made the bank buy many more shares than it needed.
UBS says it suffered a loss of about 360 million dollars because the Facebook stock price plunged after the initial public offering. UBS is planning to take legal measures against Nasdaq.
Several financial institutions have already taken Nasdaq to court, demanding compensation.
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