Robinhood (NASDAQ:HOOD) and other brokerages have been reporting AMC Entertainment (NYSE:AMC) at a $417 billion market cap and even $421 billion market cap.
This puts AMC Entertainment up with Facebook in terms of market cap, per the reportings.
Many shareholders have been sharing screenshots of what CEO Adam Aron believes to be discrepancies from these brokers.
The CEO said on Friday data sources are under review for accuracy after several sources, including MarketWatch, were reporting the company’s equity APE (NYSE:APE) of also having a 93.79 billion market cap.
Both AMC and APE are displaying what shareholders believe to be the true value of the securities.
Few skeptics have written off the data as simply ‘glitches’ from brokers.
AMC CEO Adam Aron has demonstrated displeasure towards these reports.
“Market Watch currently showing 93.79 billion APEs outstanding. Clearly WRONG, wildly so. We are calling them now demanding this get corrected immediately. Also reviewing many other data sources to check for accuracy. So curse-word-here irresponsible that they publish false info,” said the CEO on Twitter.
This has led shareholders to encourage Adam Aron to begin looking into the manipulation of AMC stock.
AMC FINRA and NYSE FTD Update
Earlier in March, Adam Aron announced that the company has contacted both FINRA and the NYSE to look closely at the trading of their stock.
“Many of you, and we, are aware that AMC Entertainment has been on ‘The Threshold List‘ for 3+ weeks, indicating a number of FTDs.
Some of you may be pleased to learn that we have contacted both FINRA and the NYSE asking that they both look closely at the trading of our stock.”
But Adam Aron nor AMC have released a formal document confirming the claims reaching out to the NYSE or FINRA.
This has led some investors to speculate the announcement was aimed at getting shareholders to vote yes for the proposals that have now been passed.
Investors have not heard back on an update from the CEO on what FINRA or the NYSE had to say about the alarming number of FTDs, which are usually a clear sign of naked shorting, per Investopedia and Business Insider.
What we know is that AMC was removed from the NYSE Threshold Securities List shortly after Adam Aron’s announcement — the stock plunged shortly after.
This is contrary to what the SEC rules say is supposed to happen once a security is listed after 13 consecutive days.
Citadel, Virtu, Susquehanna, and others are fighting a lawsuit from cancer research company Northwest Biotherapeutics (OTCMKTS:NWBO).
Others in the lawsuit include Canaccord Genuity LLC, G1 Execution Services LLC, GTS Securities LLC, Instinet LLC, and Lime Trading Corp.
Some retail investors might be familiar with a few of these names involved in the handling of their MMTLP shares, which developed into one of the biggest financial frauds on Wall Street.
Northwest Biotherapeutics has sued eight of the US’s largest market-making traders alleging they drove down its share price by placing sell orders they had no intention of executing, also known as ‘spoofing’.
The complaint, filed by Northwest Biotherapeutics in a federal court in New York on Thursday, claimed that the traders “deliberately engaged in repeated spoofing that interfered with the natural forces of supply and demand” by placing tens of millions of fake orders between December 2017 and August of last year.
Comments from Northwest Biotheraputics
The trading companies would then cancel those orders and buy Northwest’s shares at an artificially lower price, the complaint alleged.
Lawyers for the clinical-stage biotechnology firm claimed a “particularly egregious example” of this activity took place in May, after the publication of what they maintain were positive trial data for Northwest’s DCVax-L brain cancer drug.
The study’s design had been questioned by scientists, per FT.
The news “should have caused NWBO’s share price to increase, absent manipulation in the market”, they wrote, referring to the company’s stock symbol.
Instead, it dropped from $1.73 to a low of $0.3862.
“This staggering decline of 78 per cent in the price on a day with extremely positive news about the company was caused by defendants’ relentless and brazen manipulation of the market for NWBO shares,” lawyers at Cohen Milstein Sellers & Toll added.
Ken Griffin Objects to the Allegations
“This frivolous lawsuit appears to be nothing more than an attempt by Northwest Biotherapeutics to divert attention away from its long history of governance and management failures, SEC charges for financial reporting lapses, and lawsuits from its own shareholders,” Citadel Securities said in a statement.
“We intend to pursue any and all legal action against Northwest Biotherapeutics for making these false and baseless allegations, which only undermine the integrity of our capital markets,” the trading company added.
“It’s already underhanded to engage in market manipulation, but to do so at the expense of cancer patients, some of whom have no other treatments to place their hopes on, is unconscionable,” said Laura Posner, a partner at Cohen Milstein.
Retail investors are enraged by the continued scandals from Citadel and other market makers.
“The game is not fair and it never has been. Individual investors, even when operating in a swarm, are destined to lose. How do I know? I helped design the game,” says ex-Citadel Data ScientistPatrick McConlogue.
Shares of NWBO stock are currently trading at $0.64, respectively.
The retail community wants to see some form of justice surrounding the lawsuit.
The U.S. government is treading a fine line waiving market injustices — the SEC recently scrapped plans to vote on a hedge fund transparency rule.
Plaintiffs File Motion to Dismiss
Today, Citadel and the defendants have filed a joint memorandum of law in support of motion to dismiss this case.
If the motion to dismiss is approved, retaliation from investors around the world may grow.
In January, Occupy SEC 2023 raised awareness of the market injustices the retail community has endured over the past years.
While the protest was peaceful, the neglect is hurting the lives of real people and there’s no telling just how far these events may eventually escalate to.
Investors on social media fear peaceful protests are no longer going to create an impact but rather through alternative means.
Market News Daily: SEC scraps vote for hedge fund transparency rule.
(WSJ) The Securities and Exchange Commission scrapped plans to vote Wednesday on a rule that would have increased regulators’ visibility into financial risks at some hedge funds and private equity funds.
After scheduling the vote last week, the five-member commission “decided to take a little more time” on the rule, an SEC spokeswoman said.
She declined to comment on whether the cancellation owed to a lack of majority support from the commission, which is composed of three Democrats and two Republicans.
Several SEC commissioners could not immediately be reached for comment.
The rule, proposed early last year over Republican opposition, would have increased reporting requirements for filers of a confidential document called Form PF.
Among other proposed changes, it would have required large hedge funds to file reports within one business day of incidents such as extraordinary investment losses, defaults by major counterparties or spikes in margin requirements.
The rule sparked pushback from lobbyists for the hedge-fund and private-equity industries in Washington.
The Managed Funds Association, which represents hedge funds, urged the SEC last week to hold off on finalizing the rule until it was ready to adopt a separate Form PF proposal issued last August.
Who is the Managed Funds Association?
Who is the managed funds association? Citadel’s Ken Griffin.
The Managed Funds Association, or MFA, is an association made up of a variety of hedge fund managers, including Citadel, Two Sigma, Point72, and Millennium Management.
That’s right, some of the industry’s biggest short sellers and the SEC just prolonged this transparency rule.
Citadel, Anchorage (defaulted), Millennium Management, and Bank of America are a few of the members who are or have been short on ‘meme stocks’ such as AMC Entertainment.
For years now, retail investors who were part of the events that occurred in 2021 have urged the SEC to enforce proper regulation from sneaky hedge funds and banks with overleveraged short positions.
The SEC has sparked excitement within the retail community when it’s announced proposals that would shed light on darker markets — however, trust has been severed as the regulator has only proved to be complicit to market injustices.
Dark pools, OTC trading, and naked shorting have suppressed retail’s favorite company stocks from rising on true demand.
Shorting has its purpose and is a useful tool to keep the markets balanced and in check.
Manipulative shorting on the other hand is what retail activists are fighting against — the un-American type that sinks businesses and disrupts innovation.
Northwest Biotherapeutics sued Citadel and other market makers for manipulating its stock price in December of 2022.
Ken Griffin’s Citadel chose to profit from the US cancer drug company through the means of short selling, a practice the hedge fund/market maker is notoriously known for.
Rather than allow the company to raise money for its treatments, hedge funds teamed up to profit from manipulated falling share prices.
Market News Daily: SEC Scraps Vote for Hedge Fund Transparency Rule.
‘We The Investors’ is taking Wall Street head on which means retail investors from around the world are now being represented in a way like never before for the first time in history.
More than 1,300 letters have been submitted to the SEC supporting rules proposed in December that represent the biggest changes to equities trading in nearly two decades, according to Reuters.
The collective of retail investors have joined ‘We The Investors’ led by Dave Lauer in efforts to combat Wall Street as a legitimate organization that sprouted from the events of the ‘meme stock’ frenzy in 2021.
Halts in AMC, GameStop, and other stocks during at the time angered many investors which led to the exposure of crime and market injustices on social media.
Retail investors have been pushing for market transparency ever since.
We The Investors has held two online meetings since December with SEC Chair Gary Gensler, who took questions directly from retail investors on the proposals, which include requiring most retail stock orders to be sent to auctions to boost competition.
Other proposed rules call for a new standard for brokers to demonstrate they’ve gotten the best execution for clients on transactions, as well as lower trading increments and access fees on exchanges, and stronger disclosure around retail order executions.
But Wall Street, including Ken Griffin’s Citadel is pushing back.
Market News Daily: Citadel’s Ken Griffin warns of recession in America.
Citadel’s Ken Griffin warns of a recession in America, though many would be quick to state the nation is already in one.
Bank of America and Wells Fargo were one of the first to warn people in Q4 of last year.
Ken Griffin’s hedge fund Citadel was amongst the very few who turned in profits last year when majority of the industry lost $208 Billion for clients.
This marked the biggest single-year decline since 2008, when they lost $565 billion, LCH data showed.
Citadel’s gain of $16 billion last year was the largest annual gain ever made by a hedge fund manager, LCH said.
Retail investors grow weary of the hedge funds gains, comparing Ken Griffin to Bernie Madoff, who also never posted losses despite the industry crashing.
“The game is not fair and it never has been. Individual investors, even when operating in a swarm, are destined to lose. How do I know? I helped design the game,” says ex-Citadel Data Scientist Patrick McConlogue.
But Ken Griffin says he sees a setup for a US recession primarily due to people’s savings accounts being tarnished.
Here’s what the Citadel CEO had to say.
Ken Griffin Sees Setup for a US Recession
Market News Daily: Citadel’s Ken Griffin warns of recession in America.
(Bloomberg) Ken Griffin said the setup for a US recession is unfolding, with the Federal Reserve needing to raise interest rates further after Americans were stung with “traumatic” levels of inflation.
The founder of Citadel and Citadel Securities said the Fed is limited in how much it can fight inflation with interest-rate increases, likening the tool to “having surgery with a dull knife.”
“We have the setup for a recession unfolding,” he said in an interview with Bloomberg in Palm Beach, Florida.
Ken Griffin said he would advise Powell to say “less” on inflation.
“Every time they take the foot off the brake, or the market perceives they’re taking their foot off the brake, and the job’s not done, they make their work even harder.”
Ken predicted in 2020 that US markets would struggle with rampant inflation.
He said his firm is not far away from current market consensus on price growth.
“Americans are burning through their pandemic savings, and soaring interest rates are threatening the housing market and other parts of the economy.
That’s a recipe for a downturn, Ken Griffin told Bloomberg.”
(Reuters) Credit Suisse said 16 billion Swiss francs ($17.24 billion) of its Additional Tier 1 debt will be written down to zero on the orders of the Swiss regulator as part of its rescue merger with UBS, angering bondholders.
FINMA, the Swiss regulator, said the decision would bolster the bank’s capital.
The central bank also helped by providing 100 billion Swiss francs ($108 billion) in liquidity assistance.
The move reflects authorities’ desire to see private investors share the pain from Credit Suisse’s troubles.
Chair Marlene Amstad said FINMA had stuck to the country’s “too-big-to-fail” banking framework in making the decision.
It means bondholders appear to be left with nothing while shareholders, who sit below bonds in the priority ladder for repayment in a bankruptcy process, will receive $3.23 billion under the UBS deal.
“It’s stunning and hard to understand how they can reverse the hierarchy between AT1 holders and shareholders,” said Jerome Legras, head of research at Axiom Alternative Investments, an investor in Credit Suisse’s AT1 debt.
Reuters reported earlier on Sunday that Swiss authorities were considering imposing losses on bondholders as part of the rescue deal.
UBS’ CEO Ralph Hamers told analysts that the decision to write down the AT1 bonds to zero was taken by FINMA, so it would not create a liability for the bank.
Credit Suisse (NYSE:CS) has gone through financial difficulties many times since its inception but has been bailed throughout its history.
“A string of scandals over many years, top management changes, multi-billion dollar losses and an uninspiring strategy can be blamed for the mess that the 167-year-old Swiss lender now finds itself in”, says Reuters.
Chairman Axel Lehmann is blaming the banks collapse on retail investors.
In an interview in Switzerland, the Chairman says “last autumn we had a social media storm” and highlights the changing environment in the market.
“Last autumn we had a social media storm and this had huge repercussions, more in the retail sector than in the wholesale sector, and too much becomes too much.
And that’s when we reached this point, it’s an accumulation of various facts that contributed to one another then materialized at some point. And this then caused the situation.”
Woah.
A reporter asks Credit Suisse, $CS, Chairman Axel Lehmann: "Who is responsible for this disaster?
Axel Lehmann also said they were affected by a model that “no longer works in this market environment.”
Should There Be a Limit to How Many Times a Bank Can Get Bailed Out?
The fed said in 2021 that ‘meme stocks’ pose risks to financial stability, something retail investors voiced as the most absurd thing our body of government could conclude.
Overleveraged hedge funds, infinite capital from banks, and complicit regulators have been the main cause of systemic risk.
We’re beginning to see the retail crowd become a scapegoat for our financial system’s failures — though this isn’t going to last long.
The ‘it’s retail’s fault’ card won’t carry weight in lawful request for accountability.
This card was used during the ‘meme stock’ frenzy as well when Robinhood, Citadel, and other brokerages halted trading.
Retail investors were blamed but the truth is there was a massive liquidity problem and short sellers could not afford to close their naked shorts.
The only solution was to halt trading, take short positions again, and wait for prices to fall in order to make up losses.
Regulators waived billions in collateral, bailing institutions out of a massive mess.
More and more investors are losing trust in the financial system.
Now that Credit Suisse has escaped with $17 billion in write-off, it’s now more evident that certain institutions truly are too big to fail.
But I’d love to hear your thoughts on this – leave a comment down below.
Credit Suisse (NYSE:CS) Chairman Axel Lehmann is blaming the banks collapse on retail investors.
In an interview in Switzerland, the Chairman says “last autumn we had a social media storm” and highlights the changing environment in the market.
“Last autumn we had a social media storm and this had huge repercussions, more in the retail sector than in the wholesale sector, and too much becomes too much. And that’s when we reached this point, it’s an accumulation of various facts that contributed to one another then materialized at some point. And this then caused the situation.”
Woah.
A reporter asks Credit Suisse, $CS, Chairman Axel Lehmann: "Who is responsible for this disaster?
UBS has agreed to buy Credit Suisse, its beleaguered rival, the Swiss government said on Sunday, in a hastily arranged deal meant to shore up the global financial sector after a week of turmoil.
Swiss government leaders and regulators said that the deal was the most effective way of reassuring investors after Credit Suisse’s shares tumbled following the implosion of Silicon Valley Bank earlier this month.
One of the sources cautioned that the talks to resolve the crisis of confidence in Credit Suisse are encountering significant obstacles, and 10,000 jobs may have to be cut if the two banks combine.
In November, the bank had warned investors in a 6-K filing of potential losses due to naked short covering — a topic retail investors have been urging the SEC to look into.
The 167-year-old Credit Suisse is the biggest name involved in the turmoil unleashed by the collapse of US lenders Silicon Valley Bank and Signature Bank over the past week.
During the collapse of SVB, we also saw Wall Street banks lose more than $55 billion in just one day alone.
Credit Suisse shares have fallen below AMC’s price target of $0.95 — the share price the bank’s stock is currently trading at.
Retail investors are mocking Credit Suisse for its attempt to short and distort AMC Entertainment just months before its troubles.
Now Credit Suisse Chairman Axel Lehmann is blaming retail investors for the bank’s failures.
“We were affected by a model that no longer works in this market environment, and many clients have been very loyal for a very long time.
Last Autum we had a social media storm, and this had huge repercussions.”
But credit Suisse clients have been withdrawing billions of dollars in the past months.
“The unusual intervention by the U.S regulator is the latest blow to Credit Suisse as it attempts to rebuild investor confidence after a series of scandals and setbacks that have sent its shares plunging and led clients to withdraw billions” says Reuters.
Market News Today – 10,000 people Will Lose Their Job in UBS Credit Suisse Merge.
(WSJ) UBS has agreed to buy Credit Suisse, its beleaguered rival, the Swiss government said on Sunday, in a hastily arranged deal meant to shore up the global financial sector after a week of turmoil.
Swiss government leaders and regulators said that the deal was the most effective way of reassuring investors after Credit Suisse’s shares tumbled following the implosion of Silicon Valley Bank earlier this month.
To help support UBS, the Swiss National Bank agreed to lend up to 100 billion Swiss francs, or $108.8 billion.
And Finma, the Swiss financial regulator, said it would temporarily suspend some regulations to help UBS digest its chief competitor.
The takeover of Credit Suisse is the most consequential fallout to date from the turmoil that spread from the implosion of Silicon Valley Bank earlier this month.
But Credit Suisse’s troubles were largely of its own making, tied to years of scandals and financial missteps that have cost it billions of dollars in trading losses and legal fines.
UBS will is expected to pay just a fraction of the roughly 8.8 billion Swiss francs, or $9.5 billion, that Credit Suisse was valued at on Friday, these people said.
They cautioned that the terms are still being negotiated last minute and talks may still fall apart.
Credit Suisse clients have been withdrawing billions of dollars in the past months.
In November, the bank had warned investors in a 6-K filing of potential losses due to naked short covering.
UBS and Credit Suisse Merge to Spark Massive Unemployment
Market News Today – 10,000 people Will Lose Their Job in UBS Credit Suisse Merge.
UBS is asking the Swiss government to cover about $US6 billion in costs if it were to close the deal with Credit Suisse.
The 167-year-old Credit Suisse is the biggest name involved in the turmoil unleashed by the collapse of US lenders Silicon Valley Bank and Signature Bank over the past week.
During the collapse of SVB, we saw Wall Street banks lose more than $55 billion in just one day alone.
JPMorgan, the biggest US bank, alone saw a $22 billion tumble in its market value as its stock slid 5.41% to $130.34.
Wall Street’s Bank of America lost $16.16 billion as its share price fell 6.20% to $30.54.
Wells Fargo and Morgan Stanley saw their market capitalization drop by $10.3 billion and $6.2 billion, respectively.
The $US6 billion in government guarantees UBS is seeking would cover the cost of winding down parts of Credit Suisse and potential litigation charges, two people told Reuters.
One of the sources cautioned that the talks to resolve the crisis of confidence in Credit Suisse are encountering significant obstacles, and 10,000 jobs may have to be cut if the two banks combine.
Swiss regulators are racing to present a solution for Credit Suisse before markets reopen on Monday, but the complexities of combining two behemoths raises the prospect that talks will last well into Sunday, said the person, who asked to remain anonymous because of the sensitivity of the situation.
Credit Suisse, UBS and the Swiss government declined to comment.
Warren Buffett and Biden Administration Officials Meet
Berkshire Hathaway’s Warren Buffett has held discussions with senior Biden administration officials about the banking crisis, a source told Reuters.
The White House and US Treasury declined to comment. Bloomberg News reported earlier that Buffett had been in touch with the administration in recent days about the regional banking crisis, Bloomberg News reported on Saturday.
The source declined to elaborate on the details of the discussions.
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Market News Today – 10,000 people Will Lose Their Job in UBS Credit Suisse Merge.
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Market News Today – John Brda on MMTLP and FINRA scandal.
The MMTLP scandal continues to grow as investors with full effort put pressure on self-regulatory organization, FINRA.
Earlier this week MMTLP shareholders were able grab the organizations attention after sharing a publication that shed light on the fraud that occurred in December 2022 when trading was frozen, and the ticker was delisted.
The results were devastating as tens of thousands of shareholders lost their entire investment, many had invested their life savings and pension fund money.
John Brda, former CEO of Torchlight, which merged with Meta Materials in 2021 says all the bad actors are going to get subpoenaed for their information.
I wanted to know John’s thoughts on whether he thinks there will be some sort of justice or solution for shareholders, or whether he thinks FINRA will simply try to dismiss the event without taking any real accountability.
His response was very reassuring.
Here’s what he had to say.
John Brda on MMTLP and FINRA Scandal
John Brda on MMTLP and FINRA scandal. MMTLP Subpoenas.
“What’s interesting is that we’re going to find out one way or another, whether we have to do it through the court system or whether congress is going to effectuate change in a way that they can.
We’re going to find out, we’re not gonna stop in this effort so, we have what we believe are, if we end up filing suit in that manner, we have what we believe are basically bulletproof items that will survive motion to dismiss, and then the discovery process starts.
And then discovery is a wide-open door for us to understand actually who all the bad actors are, you know broker dealers involved, market makers, hedge funds, FINRA, DTCC, everybody; everybody’s gonna get subpoenaed for their information.
So, no I don’t believe it’s gonna go away and no I don’t believe it’s gonna be swept under the rug.
We’re hitting this from both angles, through congress and through the court system and we’re not going away — it’s just not gonna happen”, said John Brda.
MMTLP shareholders will be pleased to know action is being taken by activist investors from all walks in life.
For more news, updates, and information on MMTLP, be sure to join the newsletter below.
Market News Daily: MMTLP scandal gets recognized as one of the biggest Wall Street fraud events.
The MMTLP scandal is being recognized as one of the biggest Wall Street frauds of the decade.
One of the most recent scandals has been that of the ‘meme stock’ frenzy when broker firms, hedge funds, and even regulators colluded to stop AMC, GameStop, and other stocks from rising.
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.
Investors anticipated a long-awaited MMTLP short squeeze during the last few trading days prior to the spinoff — primarily due to big buying volume flooding the market to receive Next Bridge Hydrocarbon shares.
However, MMTLP stock stopped trading on Thursday, December 8 after FINRA delisted the security without notice or warning.
FINRA released the following statement:
“Effective Friday, December 09, 2022, the Financial Industry Regulatory Authority, Inc. (“FINRA”) halted trading and quoting in the Series A preferred shares of Meta Materials Inc. (OTC Symbol: MMTLP).
Pursuant to Rule 6440(a)(3), FINRA has determined that an extraordinary event has occurred or is ongoing that has caused or has the potential to cause significant uncertainty in the settlement and clearance process for shares in MMTLP and that, therefore, halting trading and quoting in MMTLP is necessary to protect investors and the public interest.
The trading and quoting halt will end concurrent with the deletion of the symbol effective Tuesday, December 13, 2022.”
“See also Form S1 Registration Statement for Next Bridge Hydrocarbons, Inc. stating that…immediately after the Spin-Off, all shares of Series A Non-Voting Preferred Stock of Meta shall be cancelled. Available here.”
Next Bridge Hydrocarbons Weighs In
In simple terms, FINRA’s only explanation was that the halt was due to ‘uncertainty’ in the settlement process which could harm investors and public interest.
And perhaps that’s true — though shareholders don’t think they were referring to retail investors at all, but rather FINRA’s private investors and institutional partners, the hedge funds.
Next Bridge Hydrocarbons released the following statement regarding the MMTLP halt.
“We recognize that some of our shareholders who owned Meta’s Series A Non-Voting Preferred Stock prior to the Spin-Off might have been affected by FINRA’s halting of the trading in that stock while the Company was still wholly owned and controlled by Meta.
The current board and officers of the Company have no information from FINRA regarding the Trading Halt other than the information in the public notice published by FINRA announcing the Trading Halt.
Further, FINRA did not provide any advance notice to the Company or Meta prior to its initiating the Trading Halt.
While we were not involved in the Trading Halt, we certainly empathize with anyone adversely affected by the Trading Halt and are assessing the matter.
The Company believes that our primary means of delivering shareholder value is to develop our interests in the Orogrande Basin, and we remain focused on this objective.”
But investors remain confused as to what happened to their money which was frozen from trading prior to the delisting.
What’s happened with MMTLP has become one of the biggest Wall Street frauds in financial history.
Real People Have Been Affected
“It was the anniversary of my husband’s passing; it was a really hard time. My kids all understood what was happening with MMTLP, and it was hard for them to understand, it was hard for me to admit to my kids the depth of the dishonesty, and lying, and cheating, and stealing that goes on in our country”, says MMTLP investor Deborah W.
“I went through the 18 months of just stringing me and my family and everyone everybody with holding off on things that we might have wanted to do; vacations we wanted to take, because I didn’t want to pull any of the money out of what I had in. And MMTLP, I had liquidated other positions, I took every spare dime we had, and I put it towards MMTLP”, says Huck, another MMTLP investor.
FINRA placed a U3 halt on MMTLP on the final days before it was delisted.
It was one of three U3 halts in the OTC market in U.S. history.
The U3 halt froze MMTLP shares so shareholders couldn’t buy nor take their money out from the security.
MMTLP was delisted, robbing MMTLP investors of their money right in front of their eyes.
The delisting protected hedge funds from having to close their short positions right before shares of MMTLP stock began to rise, or squeeze.
Retail investors are naming the MMTLP scandal one of the biggest Wall Street frauds in financial history.
Investors lost their entire retirement funds and life savings in MMTLP.
Aside from the public announcements in the beginning of this article, FINRA nor the SEC have been able to explain truly what happened to investors shares of Next Bridge Hydrocarbons, or their money invested in MMTLP stock.
In the video below, MMTLP Studios goes over possible solutions the SEC and FINRA can take to make things better, along with other investor comments.
Were You Affected by the MMTLP Wall Street Fraud?
First, I’d like to say that my heart goes out to those affected by this unfair and unprecedented event in MMTLP.
Many investors in several communities are experiencing blatant manipulation in their favorite company stock in similar or their own unique way.
Raising awareness is the first step to getting the message seen.
I’ve seen and heard some of your stories through the community.
If you were affected by the MMTLP Wall Street fraud and would like to share your story, please feel free to comment it down below for other retail investors to see.
Share this article to get your voice and story heard.
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Market News Today – MMTLP Scandal Recognized as Biggest Wall Street Fraud.
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AMC CEO Adam Aron said on Twitter he asked the NYSE and FINRA to look into the stock due to the alarming amount of FTDs in market.
But the CEO never publicly demonstrated a letter confirming the bold claims.
Videos have surfaced of the CEO scrutinizing any talks about market manipulation during an in-theatre event.
Yahoo Finance published a segment on AMC being on the threshold list highlighting the cause being due to naked short selling.
“Market Makers, like those at the New York Stock Exchange, Citadel is one, they can engage in naked short selling and it’s perfectly legal, it’s part of their market making duties to provide liquidity for a stock.”
The problem is naked short selling isn’t ‘legal’ and it takes advantage of a company’s stock price by driving shares down even when demand from retail buyers is high.
Naked short selling isn’t supposed to be illegal from a regulatory perspective and legal whenever Wall Street decides it to be.
Shares of AMC Entertainment fell -15% on Tuesday.
AMC stock went from being up more than +110% this year to now being up only +18%.
What Should Have Happened Instead?
The 13-Day Threshold Rule states that a broker-dealer with fail-to-deliver positions for 13 consecutive settlement days must immediately close out the ‘FTD’ position by purchasing shares in the open market.
AMC’s share price should have surged in a buy-back or ‘repurchase’ of shares in the lit exchange.
AMC FTDs spiked up to more than $36 million in FTDs last month, through the report is still in the process of updating via T+35.
Market News Today – AMC removed from threshold list.
FTDs, or Failure-to-deliver occurs when one party in a trading contract (whether it’s shares, futures, or options) fails to deliver on their obligations.
These failures derive due to buyers not having enough money to take delivery and pay for the transaction at settlement.
In the case of sellers, it means not having the goods to meet that transaction.
This is a direct result of naked short selling in a company stock, according to Yahoo Finance.
So far, there’s been zero positive impact on the price from AMC being removed from the threshold list.
The only thing shareholders can do now is wait for the approved proposals to go into effect after AMC’s lawsuit has concluded.
Leave your thoughts on what’s happening with AMC today
The company has been through a lot, and so have shareholders.
Shareholders are either more level-headed than they ever were before, or more fearful — and it’s quite easy to see on social media.
How is AMC Entertainment standing in your eyes?
Is this just another bump on the road like we’ve seen in the past with AMC stock?
Or does it seem a little more serious?
Leave your thoughts below and share this article to get your voice heard.
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Market News Today – AMC removed from threshold list.
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Heck, I contributed to the sales by eating 8 myself.’ LMAO!