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.
Other Stock Market News Today
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.
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