$350 million in Facebook losses?

BS is reportedly sitting on losses that could be as high as $350 million stemming from its investment in the Facebook initial public offering, and is preparing legal action against Nasdaq as a result.

By Joshua M. Brown,

Monitors show the value of the Facebook, Inc. stock during morning trading at the NASDAQ Marketsite in New York in this June 4 file photo. CNBC is reporting that UBS may have lost $350 million on Facebook stock and is preparing legal action against Nasdaq

Eric Thayer/Reuters/File