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$350 million in Facebook losses?

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Eric Thayer/Reuters/File

(Read caption) 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

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UPDATED 3:50PM: None of us can figure out the $350 million loss estimate could possibly be true if UBS was only trading 1 million shares on day one and the stock had a 4 point range (42 to 38).  Felix Salmon and Kid Dynamite are both scratching their heads.

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The furor over Nasdaq's handling of the Facebook IPO simply will not abate, firms that have lost big continue to come out of the woodwork.

Maria Bartiromo at CNBC broke this startling UBS thing yesterday, I had a call-in to her show at 4pm to discuss it live on the air.

UBS is 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,  people familiar with the matter told CNBC.

That loss is some ten-times more than the $30 million number that is currently being speculated in the market by others.

The issue has to do with the failure to get confirmations and executions from the Facebook trade.

These people said UBS wanted 1 million shares, but when it did not receive confirmations, it repeated the order multiple times and was left with much more than it intended.

Shares of both UBS ($UBS) and Nasdaq ($NDAQ) are flirting with multi-year lows here as no one wants to own them anyway, even prior to this debacle.

My "all-time low" theory grows more compelling by the day.