

UBS to take legal action against Nasdaq over Facebook IPO - pwg
http://www.itworld.com/it-managementstrategy/287987/ubs-take-legal-action-against-nasdaq-over-facebook-ipo

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Zenst
Well, would they have raised this had facebook shares held there value - I
think not. Fact they are raising this now and not within a few days of it
happening is indicative of that.

I would also question who in there right mind submits and order, then
constantly resubmits it as they are unable to handle the lack of
acknowledgment and at a time when they can see what is going on with regards
to delays. Look at it like this: If I request a webpage and it don't load in
the time I expect it to then if I spam F5 does that give me a right to claim
my lost bandwith from the website - no. As that is in essence exactly what
they did.

This type of issue will only get bigger with all the computer based share
dealing systems and in that it is there own fault. Sadly blame is something
laid upon others before exceptance of your own mistakes.

I would also question why would UBS have clients (who were probably advised)
buy a share that was clearly overpriced, that is the real crime and in that
UBS are as guilty as any others.

UBS messed up, ok not helped by the NASDAQ but given the timescale it realy is
them clutching at straws IMHO.

