UBS says it lost $356M on the Facebook IPO, and plans to sue NASDAQ OMX (NDAQ). Sources claim a...

|About: UBS Group AG (UBS)|By:, SA News Editor
UBS says it lost $356M on the Facebook IPO, and plans to sue NASDAQ OMX (NDAQ). Sources claim a lack of order confirmations resulted in duplicated orders going through. However, the magnitude of UBS' loss - far greater than that of other banks - is leading to speculation other factors were at work. Banks were known to be heavy buyers of Facebook shares on IPO day, in a desperate attempt to keep shares from closing below $38.