Giant US banks are now named in Meta Materials illegal spoofing case according to docket filings revealing for the first time a larger number of possible culprits.
Meta Materials filed for Chapter 7 liquidation bankruptcy in August of 2024 following the beat down of its stock and resignation of former CEO George Palikaras the previous year.
Since 2023, the company has engaged in bringing justice to the market manipulation that was occurring in MMAT stock by hiring securities attorney, Wes Christian.
“We have reviewed the preliminary report from ShareIntel, and as a result we have engaged the services of Christian Smith & Jewell.
In the best interest of our shareholders, we believe Wes Christian and his team will offer us the most effective solution in addressing potential instances of illegal trading, particularly by naked short sellers, either in our shares or those falsely represented as ours,” said Jack Harding Chairman of Meta Materials Inc at the time.
On June 25, 2024, the Securities and Exchange Commission filed charges against Meta Materials Inc. and its former CEOs, John Brda and George Palikaras with fraud and market manipulation.
“The conduct we allege was a sophisticated, yet brazen plan by a public company and its former CEOs to purposely mislead investors in the company’s stock,” said Eric Werner, Director of the SEC’s Fort Worth Regional Office.
“This conduct is particularly alarming because it involves public company CEOs who were more concerned with ‘burning the shorts’ than creating long-term value for shareholders,” the filing stated.
However, retail investors have been fighting against illegal short selling practices by bringing light of the injustice to social media, which Metal Materials former CEOs have supported.
The latest developments underline a number of firms identified as the ‘adverse parties’ in the company’s spoofing case.
Founding CEO George Palikaras shared the following statement on X today: “IMPORTANT- Docket filling 105 and 105-1.
The targets have been identified and revealed (for the first time since the internal report).
Check out these names… I am excited and thankful for Trustee Lovato and RSSB taking these cases on. #justice4all”.
The institutions identified in the report include:
Wells Fargo Clearing Services LLC
Bank of America Securities
Merril Lynch, Pierce Fenner & Smith Incorporated
J.P. Morgan Securities, LLC
Morgan Stanley & Co., LLC
Pershing, LLC
National Financial Services LLC / Fidelity
UBS Securities LLC
State Street Bank and Trust Company
Shareholder who feel they were cheated on their investment have shared their relief as they gain more clarity on the matter.
Will shareholders affected by securities manipulation get compensated one way or another?
Frank Nez is an American entrepreneur, journalist, writer, and investor. Frank's work has been cited by SEC and Congressional reports. Franknez.com is a personal finance and market news publication, dedicated to publishing content on money, investing, entrepreneurship, and retail investor news.
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