Tag: FNGR Stock

South Korea Now Speaks on Impact of Illegal Short Selling

South Korea now speaks on the impact of illegal short selling after the illicit practice accounted for 20% of daily transactions.

Financial watchdogs have vowed to continue rooting out the malpractice in the markets.

“The FSS found that the violation rate exceeded 20% in some cases, which suggests that illegal transactions have a big impact on a certain stock,” the financial regulator said in a statement late Tuesday.

“It’s necessary to consider the impact of illegal short sales on an individual stock as such trades hinder fair pricing and increase short-term volatility,” it said.

Bloomberg reports the South Korea’s financial watchdogs derived the 20% figure by dividing the amount of violated orders on a certain stock by its daily trading value.

The FSS did not identify the equities that saw illegal trades and declined to say how frequently the trades exceeded that ratio.

In November, South Korea imposed a ban on short selling through mid-2024, a decision that drew big celebration from retail investors in the country.

Professional investors on the other hand are skeptical, seeing the move as being politically motivated ahead of the election.

Financial authorities have defended the decision, describing illegal trades such as naked short selling — an act of selling shares without borrowing them first — as “rampant” and hurting fairness in the market, reports Bloomberg.

Furthermore, Bloomberg reported on Monday that investigators have turned up just 110 billion won worth ($83 million) of alleged naked short selling by four global investment banks.

In the U.S., naked short selling continues to be a big problem.

Citadel Securities is currently under heavy scrutiny for marking short sales as long sales over a period of five years.

Investors in the AMC, MULN, GTII, FNGR, and MMTLP communities are just a few of many who have been raising awareness of the malpractice happening in the U.S stock market.

Also Read: SEC Commissioner Now Says Securities Lending Facilitates Illegal Trading

The Power of Community and Raising Awareness

Frank Nez speaks on South Korea and the power of raising awareness.

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FingerMotion Now Provides New Update on Short and Distort Lawsuit

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.

Also Read: Hedge Funds Will Now Disclose Which Companies They Short

Other Stock Market News Today

Market News Today - FingerMotion Now Provides New Update on Short and Distort Lawsuit.
Market News Today – FingerMotion Now Provides New Update on Short and Distort Lawsuit.

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.

Also Read: “The Game is Rigged”, Says Ex-Citadel Data Scientist

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Market News Today - FingerMotion Now Provides New Update on Short and Distort Lawsuit.
Market News Today – FingerMotion Now Provides New Update on Short and Distort Lawsuit.

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FingerMotion Now Becomes A ‘Short and Distort’ Target

FingerMotion (NASDAQ:FNGR) has now become a ‘short and distort’ target by short sellers looking to profit from the company’s decline in share price.

Retail investors, as well as FingerMotion, have been targeted by dummy website Capybara Research, which only has a Domain Authority of 3 — a major red flag for a ‘research company’ with little to no actual credibility.

The dummy company published a ‘short seller’ report, to which FingerMotion released a statement addressing the misinformation from the ‘short and distort’ attempt.

“Based on the review by the Company’s management team, we believe that the Capybara Report contain many errors, unsupported speculations and inaccurate interpretations of events.

The Company’s management, together with its Board of Directors, intends to further review and examine the allegations and misinformation therein and will take whatever necessary and appropriate actions may be required to protect the interest of its shareholders.

The Company is already in the process of identifying and engaging experts who can assist it in identifying the perpetrators behind this coordinated action,” FingerMotion said in a statement.

“The Company endeavors to provide full and accurate disclosure to investors and rebut any false claims that attempt to impair market confidence in FingerMotion’s business, operations and financial statements.

Now FingerMotion has retained the services of Mark Basile and his securities litigation firm, The Basile Law Firm P.C., to investigate recent activities surrounding the Company’s stock performance and to take whatever legal action necessary to prevent potential market participants utilizing unlawful means from further hurting FingeMotion shareholders, including the recently published research paper by Capybara Research.

“We are pleased to welcome Mr. Basile to our legal team,” stated Martin Shen, CEO of FingerMotion.

“Mr. Basile and his firm understands how dilution funding and certain market participant activities negatively affect retail shareholders and will be leading this investigation and any appropriate actions we may pursue.”

More on This ‘Short and Distort’ Attack

Market News Today - FingerMotion Now Becomes A 'Short and Distort' Target.
Market News Today – FingerMotion Now Becomes A ‘Short and Distort’ Target.

The dummy company stated in their FingerMotion short report that the company reminded them of their previous short report on Knightscope ($KSCP), which they were short on.

“We are short shares of $KSCP and believe its equity is on the brink of being worthless and will only have its existence prolonged via inevitable mass dilution through its $93 million shelf and ATM agreement,” the user said on Twitter back in July.

“This is a very similar setup to our prior short report on Knightscope ($KSCP) whose shares fell 50% within a month of our report, as the company diluted shares into the promotional campaign,” they stated in FingerMotion’s short report.

Now the users of the page are being investigated and face possible litigation charges.

Twitter influencers and retail activists for fair markets such as BusyBrands, RealAvidTrader, and others have been accused of being paid promoters of FingerMotion by the ‘research company’.

The blatant attack and accusations has put Capybara Research under heavier scrutiny with legal repercussions now underway.

Shares of FingerMotion have fallen more than -11% in the past month.

However, the stock is currently up more than +114% this year-to-date.

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Market News Today - FingerMotion Now Becomes A 'Short and Distort' Target.
Market News Today – FingerMotion Now Becomes A ‘Short and Distort’ Target.

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