The Supreme Court of the State of New York County of New York is summoning the Financial Industry Regulatory Authority (FINRA) in a new MMTLP hearing.
A new motion was filed in the Supreme Court of New York by Mark Basile on behalf of an MMTLP investor requesting FINRA for MMTLP blue sheets in April.
Now the Supreme Court is requesting FINRA or their attorneys to show cause (a court order or the demand of a judge requiring a party to justify or explain why the court should or should not grant a motion or a relief) on Tuesday, May 30th.
This is the latest development in the MMTLP case.
For months now, the MMTLP community has demanded FINRA to release the blue sheets but have not received a formal update to the request.
Electronic Blue Sheet (EBS) data files, which contain both trading and account holder information, provide regulatory agencies with the ability to analyze a firm’s trading activity.
Firms are expected to provide complete, accurate and timely Blue Sheet data in response to regulatory requests.
Incomplete, inaccurate and untimely Blue Sheet data compromises regulators’ ability to identify individuals engaging in insider trading schemes and other fraudulent activity.
MMTLP shareholders want insight as to what type of trading activity was occurring, that could prove to be manipulative or illegal, prior and during the trading halts.
MMTLP Lawsuit Update
FINRA or their attorneys are expected to show cause on Tuesday May 30th at the Supreme Court of New York.
Mark Basile is a SPAC attorney who represents public companies in complex financial litigation in federal courts around the country.
This is not a lawsuit, but rather a motion that may eventually lead to a lawsuit.
“Just an observation, but something MUST be RADICALLY wrong to get so much pushback in turning over Bluesheets,” said Mark on social media.
Mark Basile also represents Roger Hamilton’s Genius Group ($GNS) who has been a strong advocate for market transparency and the termination of illegal shorting activities in the market.
“Huge deal. Great work Mark. This will certainly turn up the heat, spread far and wide,” said John Brda, former CEO of Torchlight, which merged with Meta Materials in 2021.
MMTLP has gained attention after shareholders created a ruckus, forcing regulators and media to turn their heads.
Probably one of the most iconic stories since the ‘meme stock’ frenzy, the MMTLP scandal dives deep into the manipulation that the retail community has been trying to raise awareness on for the past three years and even decades.
Shareholders assembled in an organized manner, never seen before, to contact government reps and officials, lawyers, CEOs, and the media to shed light on the injustices the community has been suffering through since the U3 halt of ticker MMTLP.
What Can MMTLP Investors Expect?
This hearing is going to be huge for the MMTLP community.
FINRA is being put under the microscope and being asked to show cause, which means the way they proceed is going to be carefully examined.
Will they release the MMTLP blue sheets, or will they explain why they won’t?
And what will happen afterwards?
Investors who held shares of MMTLP stock on the record date of December 12 would receive a preferred dividend of Next Bridge Hydrocarbon on Wednesday, December the 14th.
However, ticker symbol MMTLP stopped trading on Thursday, December 8 after FINRA delisted the security without notice or warning.
More than 34K letters have been sent to regulators by investors affected by the aftermath of the U3 halt and delisting of MMTLP.
This is a developing story – join the newsletter below for the latest MMTLP news and updates.
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