A new MMTLP lawsuit may take the OTC Markets to court after blue sheets were denied by FINRA in the latest case.
A New York Supreme Court Judge with no experience in securities dismissed the FINRA-MMTLP motion just last week after the self-regulatory body claimed immunity against any type of lawsuit.
The court stated that the “petitioner does not point to any alleged misrepresentation, nor does he allege any justifiable reliance.
Further, the Petition does not allege any particularized damages, and
Petitioner relies on conclusory and unsupported allegations only, asserting that he suffered financial harm as a result of the “illegal” trading of MMTLP shares.
Courts have also consistently denied pre-action disclosure pursuant to CPLR § 3102(c) when the petition is based on speculation and suspicion.
Here, the allegations and arguments in the Petition are speculative and conclusory.
For example, a drop in stock price is not necessarily caused by illegal activity, but Petitioner believes that the unidentified brokers are responsible in some manner for the precipitous drop of MMTLP’s stock price.
The Petition is therefore an improper fishing expedition, and the Petition must be denied“, the court filing read.
The self-regulatory body claimed immunity and refused to provide retail investors with the blue sheets that shed light on the trading activity and fraud that occurred in ticker symbol MMTLP prior to the U3 halt and delisting.
Mark Basile on New MMTLP Lawsuit
Mark Basile, who led the motion, now says the MMTLP fraud all started with the OTC Markets.
“$MMTLP it means like I have said from the beginning – if you want to get to a resolution you have to investigate and pursue from where this all started. And it all started on @OTCMarkets. Now it’s their turn to provide answers. They don’t have immunity.”
Taking the OTC Markets to court is simply another door for the community to tackle when in search for answers, according to Mark.
FINRA may have denied the MMTLP shareholders blue sheets, but fraud could have occurred from a variety of angles.
Now it’s just about taking other measures for the ongoing pursuit and investigation.
When asked if the plan is to sue the OTC Markets or file a discovery petition, Basile said there’s “no need for a petition”, indicating a strong probability of a lawsuit.
Investors who held shares of MMTLP stock on the record date of December 12 would receive a preferred dividend of Next Bridge Hydrocarbon on Wednesday, December the 14th.
However, MMTLP stock stopped trading on Thursday, December 8 after FINRA delisted the security without notice or warning.
Leaked transcripts between FINRA and the SEC showed there was fraud happening in the ticker prior to the delisting; now investors want answers.
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