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Nasdaq sued over Facebook flotation

As reported in the Simply-docs blog entry of 7th June 2012, the Nasdaq stock exchange, which conducted the Facebook flotation in May 2012, previously offered to reimburse investors who were unable to make a profit in the first day of trading due to a technical glitch with the exchange on the day.

But Swiss bank UBS is now suing Nasdaq for “gross mishandling” of the Facebook share sale, claiming that it made a £240 million loss as a result of the technical problems. It argues that the glitch caused it to enter orders multiple times which left UBS with more shares than it needed – and that those shares have since fallen almost 50% in value.

If your business is considering issuing, transferring or allotting shares, this set of template documents can help with each of these transactions.

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