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Bank of Ireland (IRE) effected a 1:10 reverse stock split on its ADR effective October 14, 2011. The ADR closed at $0.83 on Friday, October 14th. The stock will start trading at the reverse split price of $8.30 on Monday, Oct 17th.

From the Bank of Ireland's Investor Relations site:

The current ratio for Bank of Ireland is 1:4 (ADR: Ordinary Share).

The Bank is implementing a change in the ratio of ADRs to ordinary shares. Effective 14 October the current ratio of one (1) ADR representing four (4) ordinary shares will change. The new ratio will be one (1) ADR representing forty (40) ordinary shares. As a result a mandatory reverse split has been effected on the basis of one (1) new ADR for every ten (10) old ADRs.

Unlike Allied Irish Bank (AIB), Bank of Ireland did not get nationalized but still crashed heavily and had to go through a reverse stock split.

After closing at $0.83 on October 16th, the stock opened at $7.00 on heavy volume instead of the expected $8.30, as a result of the reverse split. Friday it closed at $6.24. Reverse splits usually don’t work as it is clear from the stock price action since the reverse split. Hence, it is better to avoid Bank of Ireland at current levels.

Disclosure: No positions

Source: Avoid Bank Of Ireland After Reverse Split