AMC CEO Adam Aron says data sources are under review for accuracy after several sources, including MarketWatch, were reporting the company’s equity APE (NYSE:APE) having a 93.79 billion market cap.
That’s more than 20 times its ‘accurate’ 4.60 billion market cap reported by Yahoo Finance.
“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.
Screenshots of other wild reports have surfaced on social media, which has angered the CEO.
Adam Aron has previously shown a dislike for market manipulation talks, urging investors to focus on AMC’s fundamentals instead.
But it seems the market might just expose itself to Adam like it did to others, such as Roger Hamilton of Genius Group and Patrick Byrne of Overstock.
The CEO said, “many Twitter reports to me indicating 9.3 trillion APEs are outstanding or we have a $409 billion market cap. Clearly both WRONG. Either a data service inexcusably is in error or someone criminally photoshopped bogus numbers. To the extent possible, we’ll aggressively chase this.”
Will these discrepancies lead AMC CEO Adam Aron into the rabbit hole of market manipulation or naked shorting?
Many shareholders are certainly hoping so.
Recent AMC Stock Manipulation News
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.”
AMC failure-to-delivers (FTDs) have been begun to rise again.
FTDs topped 6.8 million in February (non-cumulative), amounting to more than $36 million in failed to close orders.
The data is still being reported which means there’s a possibility we may see higher FTDs once February’s entire month has been processed.
Adam Aron nor AMC have released a formal document confirming the claims reaching out to the NYSE or FINRA.
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.
Failure-to-delivers can occur in options trading or when selling short naked, per Investopedia.
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