Category: MMTLP (Page 3 of 3)

FingerMotion Now Provides New Update on Short and Distort Lawsuit

FingerMotion now provides a new update on the short and distort lawsuit against Capybara Research and other news outlets.

“On October 19, 2023, FingerMotion filed a federal lawsuit in the United States District Court for the Southern District of New York against Capybara, a firm recently created and that enjoyed anonymity through various social media postings without any trail as to ownership while antagonizing our retail investment community by posting lewd and unprofessional graphics, intended to further embarrass the Company,” says the report.

After many weeks of investigation, the company says it is pleased to announce that they have successfully identified the person responsible for the “malicious” reports.

The company says that it is taking all the necessary steps to add this individual’s name to the lawsuit and to serve them individually.

Furthermore, FingerMotion will also be adding news outlet ‘Benzinga’ to its federal lawsuit for republishing and continuing to share Capybara’s false information.

“We are committed to legally pursuing the Capybara short and distort campaign as well as all media outlets that irresponsibly reported the false, misleading and defaming Capybara Report,” said Martin Shen, CEO of FingerMotion.

FingerMotion (FNGR) stock is currently down more than -29% in the past month and up more than +63% this year-to-date.

This is a developing story.

Also Read: Hedge Funds Will Now Disclose Which Companies They Short

Other Stock Market News Today

Market News Today - FingerMotion Now Provides New Update on Short and Distort Lawsuit.
Market News Today – FingerMotion Now Provides New Update on Short and Distort Lawsuit.

South Korea regulators now probe into illegal short selling trades by global investment banks in efforts to root out manipulation.

Banks that have conducted short-selling trades most frequently in South Korea will be subject to the investigation that would start in November.

The regulator said it will collaborate with watchdogs in Hong Kong and Singapore for its probe, per BusinessTimes.

The FSS will “hold those responsible” and ensure “naked short selling practices don’t take hold,” the statement said.

Naked short-selling refers to the practice of selling shares that an investor doesn’t own and hasn’t borrowed.

The agency will look into all short-selling transactions since May 2021 when the country partially lifted a ban that was imposed during the pandemic.

The watchdog will also review the short-selling consignment order processes of Korean brokerages to establish if they were aware of illegal naked short selling by global investment banks.

A special 20-person investigation team will be launched on Nov 6, the FSS added.

Public perception of such trading practices in the Asian nation remains deeply negative, with local retail traders staging protests against these activities from time to time.

In the United States, naked short selling continues to be a big problem.

In September, Citadel Securities was charged for illegal short selling violations by the SEC.

According to the SEC’s order, for a five-year period, it is estimated that Citadel Securities incorrectly marked millions of orders, inaccurately denoting that certain short sales were long sales and vice versa.

“Compliance with the order marking requirements of Reg SHO is a key component of regulatory efforts to curtail abusive market practices, including ‘naked’ short selling,” said Mark Cave, Associate Director of the SEC’s Division of Enforcement.

Also Read: “The Game is Rigged”, Says Ex-Citadel Data Scientist

Market News Published Daily 📰

Market News Today - FingerMotion Now Provides New Update on Short and Distort Lawsuit.
Market News Today – FingerMotion Now Provides New Update on Short and Distort Lawsuit.

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A Senator Now Puts Pressure on FINRA Regarding MMTLP

A U.S. Senator is now putting pressure on FINRA CEO Robert Cook regarding an ongoing MMTLP investigation.

Last month, Senator Vance joined Senator Crapo in the pursuit for answers after the two signed a letter to SEC Chairman Gary Gensler requesting “that the U.S. Securities and Exchange Commission (SEC) examine events surrounding the trading halt of Meta Materials Series A preferred shares (MMTLP) and provide appropriate information to Senate offices engaged on this matter.

Now Senator Mike Crapo is addressing FINRA CEO Robert Cook directly in a new letter dated October 16, 2023.

“I write today to request that the Financial Industry Regulatory Authority (FINRA) offer further information on events surrounding the trading halt of Meta Materials A preferred shares (MMTLP).

It is important to congressional offices engaged on this matter that FINRA reassures us it has done its due diligence in investigating the matter.

While investors have struggled to gain clarity regarding both the spin-off transaction and the trading halt, they have also alleged wrongdoing including the existence of counterfeit short sales.

I ask that you confirm FINRA is continuing to look into the trading halt for any potential wrongdoing,” said Senator Crapo in his letter to FINRA CEO Robert Cook.

Investors sent more than 40,000 letters to Congress this year, catching the attention of several Congress members.

In June, FINRA 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, a new petition appeal statement says otherwise.

Market News Today - A Senator Now Puts Pressure on FINRA Regarding MMTLP.
Market News Today – A Senator Now Puts Pressure on FINRA Regarding MMTLP.

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.

This is a developing story – opt-in for push notifications for more market news and updates.

Market News Published Daily 📰

Market News Today - A Senator Now Puts Pressure on FINRA Regarding MMTLP.
Market News Today – A Senator Now Puts Pressure on FINRA Regarding MMTLP.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

You can also follow me on TwitterInstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


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