I experienced this where a colleague had tried to reduce the number of divisions by rewriting (a/x)*(b/y)*(c/z) to (a*b*c)/(x*y*z).
The problem was that in certain circumstances the terms were all small, but of comparable magnitude. Thus the latter lead to subnormal divided by subnormal. The fix was to undo the optimization and do the divisions first, which lead to the multiplication of three numbers of order 1.