UBS may have US$350 million in Facebook trade losses

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http://www.todayonline.com/Business/EDC120609-0000078/Reports--UBS-may-have-US$350-million-Facebook-trade-losses

Swiss bank UBS AG may have lost as much as $350 million due to technical glitches on the Nasdaq stock exchange on May 18, the day Facebook went public, according to reports published Friday.

UBS spokeswoman Karina Byrne said UBS has not taken legal action but is weighing its options for recovering its losses.

Technical glitches at Nasdaq during Facebook's first day of trading, when the opening was delayed by half an hour, kept many investors from buying shares in the morning, or selling them later in the day, or even knowing whether their orders went through. Some investors complained they were left holding shares they didn't want.

According to CNBC and the Journal, UBS placed an order for 1 million shares but did not receive confirmations and repeated the order several times. So it ended up with much more stock than it intended.