FINRA has extended the NY Supreme Court date in the latest MMTLP case filed by Mark Basile on behalf of MMTLP investors.
The motion was filed in the Supreme Court of New York in April after months of MMTLP investors demanding FINRA to release blue sheets following the events of the MMTLP scandal.
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.
FINRA released the following statement shortly after the event:
“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.”
Electronic Blue Sheet (EBS) data files, which contain both trading and account holder information, provide regulatory agencies with the ability to analyze a firm’s trading activity.
MMTLP shareholders want insight as to what type of trading activity was occurring, that could prove to be manipulative or illegal, prior and during the trading halts.
MMTLP Court Case Update
The Supreme Court of New York requested FINRA or their attorneys to show cause (a court order or the demand of a judge requiring a party to justify or explain why the court should or should not grant a motion or a relief) on Tuesday, May 30th.
However, Mark Basile let’s us in on the latest MMTLP court case update.
He says FINRA has extended its time to respond to the judge’s order by an additional two weeks.
“Today there was a filing in the NY Supreme Court of a stipulation extending FINRA’s time to respond to the judges Order.
As expected and anticipated, they asked us for two week extension that we consented to.
We are commencing talks tomorrow with FINRA to try to resolve the issue of the turnover of the information and data sets requested by our client in the petition. Stay tuned.
The new dates are as follows: FINRA’s opposition to the Petition is now due on or before June 2, 2023, Reply is due June 9, 2023 and the return date (still needs to be confirmed and ordered by the court) is now June 13, 2023.
This new proposed schedule must be approved by the court, but the above are the proposed dates,” Mark said on Twitter.
Firms are expected to provide complete, accurate and timely Blue Sheet data in response to regulatory requests.
Incomplete, inaccurate and untimely Blue Sheet data compromises regulators’ ability to identify individuals engaging in insider trading schemes and other fraudulent activity.
Real People Have Been Impacted
“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.
Retail investors are naming the MMTLP scandal one of the biggest Wall Street frauds in financial history.
This is a developing story — join the newsletter below for more MMTLP news and updates.
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