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Comment by mootothemax | Hacker News Reader

UBS sues Nasdaq and Facebook over $357 million IPO loss

The article doesn't mention anything about UBS suing Facebook, only Nasdaq. Can you update the title to take this into account?

Edit: title now updated, thanks! :)

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right, specifically "to address its gross mishandling of the offering and its substantial failures to perform its duties".

does anyone know what they could possibly have in mind?

I was confused the whole time I was reading the article because I was thinking "Facebook." Facebook was not mentioned.

UBS said it lost 349 million Swiss francs ($357 million) following Facebook's initial public offering, another blow in a quarter where earnings were already pressured by its struggling investment bank.

They are claiming losses resulting directly from NASDAQ's mishandling of the IPO.

There were severe technical problems in Nasdaq's trading system during the IPO:

http://abcnews.go.com/blogs/business/2012/06/nasdaq-outlines...

Aren't these sort of things covered in 'I have read and understood the Term and conditions' & then click on 'I agree'.

No, these are the things covered by the litigation specialists at corporate law firms.

I'd love to see during discovery that UBS has a high-frequency trading group that was partially responsible for seizing up the NASDAQ order book during the IPO.

[edit] http://www.nanex.net/aqck/3099.html

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