Retail trading platform Nordnet had to spend about SEK18m to buy back shares it had mistakenly sold to investors after mishandling a corporate event linked to U.S. semiconductor firm Wolfspeed Inc, according to comments in its latest quarterly report.
- Nordnet said it had incurred the one-time loss in the third quarter after an administrative error tied to U.S. semiconductor company Wolfspeed
- The Swedish broker didn’t administer a reverse share split in Wolfspeed “in accordance with its final terms,” leading clients to receive too many shares, the company says in report
- The mistake followed “late and incomplete information” about the transaction ...