Tag: MMTLP Stock (Page 1 of 9)

Official: NBH Is Now Actively Working To Meet With FINRA

Official: Next Bridge Hydrocarbons (NBH) is now actively working to meet with FINRA and the SEC to address investor concerns on MMTLP.

The oil and natural gas company said in a statement that it “hope[s] the meeting can largely be devoted to discussing forward-looking and productive options for jointly addressing ongoing investor concerns.”

The MMTLP scandal has been recognized as one of the biggest Wall Street frauds of the decade.

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, MMTLP stopped trading on Thursday, December 8 after FINRA delisted the security without notice or warning, leaving investors without funds to pull out and in the dark.

NBH has released the following statement:

“Next Bridge firmly believes that we and our investors have a right to know, and Congress and the SEC have an interest and duty to understand, the total aggregate outstanding uncovered short positions held by foreign and domestic institutions that exceed the issued and outstanding shares of our company.

Unfortunately, this important figure remains unknown.

We call on FINRA and the SEC to take a more proactive ownership role in completing the necessary accounting for several key reasons:

First, FINRA and the SEC have access to resources, investigatory powers, and foreign information sharing tools, and we rely on them to serve as champions of the full and complete trading facts for the investing public and US companies whose securities are publicly traded under their oversight.

Second, we believe this information is necessary to help clarify potentially misleading information that has been disseminated to investors and the public.

FINRA issued an “Investor Insights” FAQ on its website stating that “there was an aggregate short interest position in MMTLP in accounts held at broker-dealers as of December 12 of approximately 2.65 million shares out of 165.47 million total shares outstanding.”

FINRA went on to characterize this volume as “not significant.”

We infer no intent to mislead by FINRA, but we note that this statement was not qualified to make clear that the scope of the data available to FINRA under the investigatory powers it cited was limited, and thus it implied a categorical summation of the entire uncovered short interest position in Next Bridge.

If FINRA is unable to report on the entire universe of the outstanding uncovered short positions in Next Bridge, including short interest positions held via foreign brokers, we request that they maintain full transparency of this fact in communications with interested parties and refrain from descriptions of the short interest as inconsequential until this is borne out via a comprehensive investigation.

One of the biggest concerns is that uncovered short selling activity might have been carried out by entities that are also exempt from SEC registration or via transactions that are otherwise exempt from reporting.

This in it of itself is worthy of bringing to the table when involving regulatory structure and fair change for retail investors.

Share this article with the community to raise awareness.

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Also Read: 40,000 MMTLP Letters Have Now Been Sent to Congress

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Market News Today - Official: NBH Is Now Actively Working To Meet With FINRA.
Market News Today – Official: NBH Is Now Actively Working To Meet With FINRA.

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Gary Gensler is Now Dodging MMTLP Inquires From Congress

SEC Chair Gary Gensler is now dodging MMTLP inquires from Congress after several letters have been sent without any update or response for the general public.

Congressmember Barbara Lee is the latest member of congress to request answers from Chairman Gensler on MMTLP.

On Monday, December 4, she sent the following letter:

“I am writing regarding an action taken by the Financial Industry Regulatory Authority (FINRA) on META Material’s Series A Preferred Shares (MMTLP).

This has been brought to my attention by a number of my constituents who have expressed concerns with the holding and status of their MMTLP shares.

On December 8th, 2022, FINRA halted trading of MMTLP and announced deletion of the MMTLP symbol five days later.

My constituents have expressed that as a result, they were left without clarity on the future of their investments.

The U.S. Securities and Exchange Commission (SEC) and FINRA have a responsibility to protect investors and safeguard the integrity of our public markets.

Given the financial distress constituents have experienced because of these decisions, I want to ensure that market decisions are being made by regulators in an efficient and transparent manner.

I request that you fully investigate the events surrounding the trading halt of MMTLP and ensure no wrongdoing took place.

Furthermore, I request that you make nay findings publicly available and that you to provide clear guidance to my constituents about what they should expect to occur regarding their current MMTLP holdings and under what timeline they should expect a resolution to take place.

I also ask that you identify any regulatory or legislative gaps that could be addressed to better protect investors and market integrity.”

In November, two letters were sent to both the SEC Chair and FINRA CEO on by two different members of Congress.

As of today, no public announcement has been made by SEC Chairman Gary Gensler on his findings regarding the inquires from Congress and retail investors.

This is a developing story.

Also Read: 40,000 MMTLP Letters Have Now Been Sent to Congress

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Other Market News Today

Market News Today - Gary Gensler is Now Dodging MMTLP Inquires From Congress.
Market News Today – Gary Gensler is Now Dodging MMTLP Inquires From Congress.

A massive group of investors will now occupy FINRA offices and locations across the United States on Friday, December 8.

#OccupyFINRA sheds light on the anniversary of the MMTLP U3 halt that occurred last year, just days before the deletion of the ticker.

Investors have raised awareness of the market injustice that caused families to lose their homes and much worse when their money became trapped.

It’s been nearly a year now with no resolution from U.S. regulators.

Congress has been very proactive thanks to thousands of investors calling their representatives in what has been one of the most organized Main Street events in history.

Last month, Congress member Jared Huffman wrote to Gary Gensler and FINRA CEO Robert Cook describing constituents who are experiencing financial distress as a result of FINRA’s trading halt of MMTLP.

“They [The Constituents] are requesting affirmation that SEC and/or FINRA acted within their regulatory authority and operated under standard practices by issuing the trading halt, and a written response outlining what they can expect to occur with regard to their current holdings, including timelines,” said the Congress member.

Congress member Vicente Gonzalez wrote to SEC Chairman Gary Gensler also requesting answers on the MMTLP fraud.

More than 40,000 letters have been sent to Congress this year, with several of our reports on the matter now being cited by an official Congressional report.

Congress is very well aware of investors’ concerns.

It’s important to note that any protests occurring next month is suggested to remain peaceful and investors should practice safety.

Investors participating in Occupy FINRA can access all FINRA offices and locations here.

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Also Read: A Senator Now Puts Pressure on FINRA Regarding MMTLP

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Market News Today - Gary Gensler is Now Dodging MMTLP Inquires From Congress.
Market News Today – Gary Gensler is Now Dodging MMTLP Inquires From Congress.

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Congress Interest in The MMTLP Fraud Grows Per New Letters

Congress interest in the MMTLP fraud grows per new letters sent to SEC Chairman Gary Gensler.

Two letters have recently been sent to the SEC Chair and FINRA CEO on Tuesday and Wednesday of this week from two different members of Congress.

On Tuesday, Congress member Jared Huffman wrote to Gary Gensler and FINRA CEO Robert Cook describing constituents who are experiencing financial distress as a result of FINRA’s halt trading of MMTLP on December, 8, 2022, just days before the deletion of the ticker on December 13, 2022.

“Some of my constituents are seeking information on why this action was taken and the future state of their investments.

They are requesting affirmation that SEC and/or FINRA acted within their regulatory authority and operated under standard practices by issuing the trading halt, and a a written response outlining what they can expect to occur with regard to their current holdings, including timelines,” said the Congress member.

On Wednesday, Congress member Vicente Gonzalez wrote to SEC Chairman Gary Gensler also requesting answers on the MMTLP fraud.

“I have heard from many of my constituents in South Texas who were adversely affected by this decision. I believe it is imperative that, as public officials and offices, we maintain a transparent process..

As a Member of the House Financial Services Committee, I take an active interest in ensuring transparency and the proper regulations are in place to protect investors and maintain efficient markets.

That is why I urge you to investigate the events surrounding the trading halt of MMTLP and ensure no wrongdoing took place. I also ask that you make the findings available to the public,” said the letter.

As of today, MMTLP investors remain hidden in the dark from our regulators.

This is a developing story — follow me on X (Twitter) for more news and updates like this.

Also Read: A Senator Now Puts Pressure on FINRA Regarding MMTLP

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Market News Today –

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Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


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A Senator Now Puts Pressure on FINRA Regarding MMTLP

A U.S. Senator is now putting pressure on FINRA CEO Robert Cook regarding an ongoing MMTLP investigation.

Last month, Senator Vance joined Senator Crapo in the pursuit for answers after the two signed a letter to SEC Chairman Gary Gensler requesting “that the U.S. Securities and Exchange Commission (SEC) examine events surrounding the trading halt of Meta Materials Series A preferred shares (MMTLP) and provide appropriate information to Senate offices engaged on this matter.

Now Senator Mike Crapo is addressing FINRA CEO Robert Cook directly in a new letter dated October 16, 2023.

“I write today to request that the Financial Industry Regulatory Authority (FINRA) offer further information on events surrounding the trading halt of Meta Materials A preferred shares (MMTLP).

It is important to congressional offices engaged on this matter that FINRA reassures us it has done its due diligence in investigating the matter.

While investors have struggled to gain clarity regarding both the spin-off transaction and the trading halt, they have also alleged wrongdoing including the existence of counterfeit short sales.

I ask that you confirm FINRA is continuing to look into the trading halt for any potential wrongdoing,” said Senator Crapo in his letter to FINRA CEO Robert Cook.

Investors sent more than 40,000 letters to Congress this year, catching the attention of several Congress members.

In June, FINRA claimed immunity and refused to provide retail investors with the blue sheets that shed light on the trading activity and fraud that occurred in ticker symbol MMTLP prior to the U3 halt and delisting.

FINRA stated that the petitioner’s request is ‘overbroad and unduly burdensome’, being one of the few claims to deny MMTLP investors the blue sheets.

However, a new petition appeal statement says otherwise.

Market News Today - A Senator Now Puts Pressure on FINRA Regarding MMTLP.
Market News Today – A Senator Now Puts Pressure on FINRA Regarding MMTLP.

A new petition appeal for MMTLP is now proceeding as OTC Lawyers, led by Mark Basile, fight for blue sheet data.

“Petitioner-Appellant seeks information and data contained in FINRA’s Electronic Blue Sheets (“Blue Sheets”) to identify specific defendants in an action to be commenced by Petitioner-Appellant.

Once the information is disclosed, Petitioner-Appellant anticipates bringing claims for damages for fraud and market manipulation through stock spoofing and naked shorting against unknown and unidentified brokers,” the Preliminary Statement read.

FINRA denied investors the blue sheet data in June and the motion was dismissed.

The self-regulatory body claimed immunity and refused to provide retail investors with the blue sheets that shed light on the trading activity and fraud that occurred in ticker symbol MMTLP prior to the U3 halt and delisting.

FINRA stated that the petitioner’s request is ‘overbroad and unduly burdensome’, being one of the few claims to deny MMTLP investors the blue sheets.

However, the court says that turning over blue sheet data is indeed not ‘overburdensome’.

“It would not be overburdensome for Respondent-Respondent to provide the Blue Sheet data to Petitioner-Appellant because Respondent-Respondent admitted it already has the Blue Sheets for its own internal investigation.”

This means regulators already have this information at hand.

“Petitioner-Appellant David Khorassani, a member of the investing public in MMTLP, to whom Respondent-Respondent Financial Industry Regulatory Authority owes a duty of care. respectfully requests that the Court vacate and reverse the June 15, 2023 Order denying Petitioner Appellant’s Verified Petition to Compel Disclosure Pursuant to CPLR § 3102( c) and instruct the Special Proceedings Court to issue an order requiring Respondent-Respondent to turn over the Blue Sheets,” the briefing closed.

This is a developing story – opt-in for push notifications for more market news and updates.

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Market News Today - A Senator Now Puts Pressure on FINRA Regarding MMTLP.
Market News Today – A Senator Now Puts Pressure on FINRA Regarding MMTLP.

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