GM: ‘Unauthorized’ e-mail cost UBS an IPO spot

By Reuters
Posted Nov. 10, 2010 at 10:55 a.m.

General Motors confirmed on Wednesday that it has dropped one of the proposed underwriters of its initial public offering due to an “unauthorized” e-mail sent by an employee of the bank.

While GM did not name the bank in its filing with the U.S. Securities and Exchanges Commission, UBS was not listed as a proposed underwriter on the GM IPO when the automaker filed terms for its stock offering on November 3.

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