The Baton Rouge, Louisiana-based oil and gas industry parts maker Edgen (EDG) had an IPO price of $11 a share but the stock opened at $10.35, down 5.9%, and closed its first day down 14%.
Even though the company was posting record sales and was on course to show a profit in the second quarter, earnings took a huge hit from a $15.1 million loss on prepayment of debt and $3 million in equity-based compensation charges. The stock never recovered -- 6 months later it was 30% below the offering price.
The Mayans weren't the only ones who got it wrong this year. Here are a few of the worst predictions of 2012.