Global Tech Industries Group, Inc. (OTCMKTS:GTII) announced today that the lawsuit previously filed by the Company in the United States District Court in the Southern District of New York has officially been served on all Defendants, including Canaccord Genuity LLC, Credit Suisse Securities, (USA) LLC, Instinet LLC, Lime Trading Corporation and GTS Securities, LLC.
The Company looks forward to its day in court, the filing said.
In February, the company took legal action against naked shorts.
The Nevada corporation announced that its board of directors had authorized management to move forward with appropriate legal action in connection with what it believes to be illegal trading activity in the Company’s shares.
As the Company previously disclosed, it has retained the legal teams of Christian Levine Law Group, LLC, (“Levine”) and Warshaw Burstein, LLP, (“Warshaw”), both of whom have specific expertise in stock fraud litigation, to handle the legal actions for the Company.
The legal actions may be directed at broker-dealers, market makers and other relevant parties the Company believes have been engaged in illegal trading activities that have resulted in a significant number of unsettled trades involving the Company’s shares.
It appears that certain market makers have failed to post regular or continuous proprietary quotations that are at or near the market on both sides and that are communicated and represented such that they are widely accessible to investors and other broker-dealers.
When market makers fail to meet this requirement, as well as other applicable requirements, it can bring into question whether they are engaging in “bona fide market making” and can avail themselves to any “locate” exemptions afforded to bona fide market makers when executing short sales, per Global Newswire.
The legal action comes after Genius Group CEO Roger Hamilton urged CEOs to fight against naked shorts, the illegal practice of shorting stock without owning or having to return the shares back to a lender.
GTII Shareholders Embrace for a Short Squeeze
Global Tech Industries shareholders anticipate the lawsuit will lead Alpine and short sellers to close out their naked shorts.
“The #1 sign of a naked short in trouble is they can’t let a stock trade higher”, says HAM, an activist and retail investor.
GTII shareholders are predicting the stock to soar several tens to hundreds and even thousands of dollars per share based on the magnitude of this naked short event.
Shares of the company are up more than 85% this year-to-date.
Will GTII stock squeeze as high as HKD stock when shares rose from $13 to more than $2.5K per share?
If massive buying pressure in the form of ‘buybacks’ from short positions closing occur, there’s no telling just how high GTII stock may go.
OTC Short Report shows big short volume coming into Global Tech Industries.
We’re seeing heavy 50%-60% short volume days with some days nearing 70% in March alone.
If the GTII lawsuit can force Alpine and other short sellers to close their naked (illegal) shorts, the event will be historic.
The last time a company stood up to naked short selling, the company and CEO were ridiculed but eventually received a settlement to fly under the radar — some of you might be familiar with Overstock and Patrick Byrne.
Today, large communities of retail investors are backing up companies willing to fight naked short selling in a court of law.
Only time will tell what will happen next.
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