The Seibels Bruce Group (Seibels), a nonparty to this action, is a holding company for property and casualty insurance companies. On March 1, 2004, Wachovia bought Seibels securities for its account, after which those securities underwent a 1,000-to-1 reverse stock split. In attempting to close its position by selling those shares, Wachovia claimed that it "mistakenly" short sold the new securities, which had a new trading symbol and a starkly different value. Wachovia commenced...
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