The IPO's collapse was a major setback for Lenexa, Kansas- based BATS, which was looking to raise about $100 million from the offering. "Although our affected market has reopened, in the wake of today's technical issues, which affected the trading of certain stocks, including that of BATS, we believe withdrawing the IPO is the appropriate action to take for our company and our shareholders," BATS Chief Executive Joe Ratterman said in a statement the day of the collapse.
A spokesman for BATS and Nasdaq declined to comment for this story.
Hunsader argues that the nature of the trades hitting the BATS shares are evidence that the exchange was the target of a Wall Street dirty trick from a computer algorithm.
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