Wall Street’s 5 Biggest Tech Fails
BATS Global Markets’ Failed IPO, March 23, 2012
Before Facebook went public, BATS’s initial public offering was known as the worst IPO of all time. In a scene that conjured images of the Flash Crash, the exchange operator withdrew its IPO after a rogue algorithm drove down the stock’s price from $15.25 to about 2 cents in less than one second. It also led conspiracy theorists to speculate about whether a malicious algo was set off on purpose to keep BATS from going public, where it would compete directly with Nasdaq and the New York Stock Exchange for corporate listings.
[BATS Flash Crash: Here's What Happened]