[its_so_on]

right, specifically "to address its gross mishandling of the offering and its substantial failures to perform its duties".

does anyone know what they could possibly have in mind?

[nandemo]

There were severe technical problems in Nasdaq's trading system during the IPO:

http://abcnews.go.com/blogs/business/2012/06/nasdaq-outlines...

[joezydeco]

I'd love to see during discovery that UBS has a high-frequency trading group that was partially responsible for seizing up the NASDAQ order book during the IPO.

[edit] http://www.nanex.net/aqck/3099.html

[kamaal]

Aren't these sort of things covered in 'I have read and understood the Term and conditions' & then click on 'I agree'.

[kitsune_]

No, these are the things covered by the litigation specialists at corporate law firms.

[austenallred]

I was confused the whole time I was reading the article because I was thinking "Facebook." Facebook was not mentioned.

[jessedhillon]

UBS said it lost 349 million Swiss francs ($357 million) following Facebook's initial public offering, another blow in a quarter where earnings were already pressured by its struggling investment bank.

They are claiming losses resulting directly from NASDAQ's mishandling of the IPO.