A New Petition Appeal For MMTLP Now Proceeds

October 7, 2023

A new petition appeal for MMTLP is now proceeding as OTC Lawyers, led by Mark Basile, fight for blue sheet data.

“Petitioner-Appellant seeks information and data contained in FINRA’s Electronic Blue Sheets (“Blue Sheets”) to identify specific defendants in an action to be commenced by Petitioner-Appellant.

Once the information is disclosed, Petitioner-Appellant anticipates bringing claims for damages for fraud and market manipulation through stock spoofing and naked shorting against unknown and unidentified brokers,” the Preliminary Statement read.

FINRA denied investors the blue sheet data in June and the motion was dismissed.

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.

FINRA stated that the petitioner’s request is ‘overbroad and unduly burdensome’, being one of the few claims to deny MMTLP investors the blue sheets.

However, the court says that turning over blue sheet data is indeed not ‘overburdensome’.

“It would not be overburdensome for Respondent-Respondent to provide the Blue Sheet data to Petitioner-Appellant because Respondent-Respondent admitted it already has the Blue Sheets for its own internal investigation.”

This means regulators already have this information at hand.

“Petitioner-Appellant David Khorassani, a member of the investing public in MMTLP, to whom Respondent-Respondent Financial Industry Regulatory Authority owes a duty of care. respectfully requests that the Court vacate and reverse the June 15, 2023 Order denying Petitioner Appellant’s Verified Petition to Compel Disclosure Pursuant to CPLR § 3102( c) and instruct the Special Proceedings Court to issue an order requiring Respondent-Respondent to turn over the Blue Sheets,” the briefing closed.

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