IPO of Facebook: 290 million euros lost at UBS

Bank UBS has estimated the financial loss to the mess of the IPO Facebook social network and it is rather heavy. On May 18, the start of trading social network has suffered from a large number of orders placed as the platform Nasdaq has struggled to deal with, leading to a lack of visibility into operations for several tens of minutes.

After apologizing, the platform Nasdaq has proposed a compensation scheme for investors of about $ 40 million (since increased to 62 million in cash), while the latter reported total losses of hundreds of millions of dollars. Recall that the platform does Nasdaq normally only about $ 14 million to compensate injured investors.

UBS bank had indicated during the presentation of its financial results for the second quarter of 2012 it had lost alone 349 million Swiss francs, or 290 million, during this phase of the troubled IPO Facebook.

She explained that orders have been passed several times, not having been confirmed, and it accuses the Nasdaq platform to have breached its obligations by not suspending the taking of orders during this delicate phase of the IPO.

The bank therefore request full compensation for his losses and threatening to file a complaint against the platform Nasdaq. The amount claimed by UBS is well above the level of compensation provided to all investors who suffered losses during malfunction of the IPO Facebook.

The claim is even stronger than this loss Facebook has plunged UBS results for the quarter, with a decline of over 50% of its net profit compared to last year, notes AFP.
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