Tag: MMTLP Stock (Page 2 of 9)

Member of Congress Orders MMTLP Share Count in New Letter

Market News Today - Member of Congress Orders MMTLP Share Count in New Letter.
Market News Today – Member of Congress Orders MMTLP Share Count in New Letter.

A member of Congress has ordered an MMTLP share count in a new letter to SEC Chairman Gary Gensler and FINRA CEO Robert Cook.

Congress has begun to crack down on the MMTLP fraud scandal after investors organized themselves and sent more than 40,000 letters raising concerns on the issues.

In July, a total of 15 congress members requested an MMTLP update from SEC Chairman Gary Gensler relating to fraud allegations that stemmed from a U3 halt, which resulted in disastrous losses for investors.

Rep. David Valadao, California’s 22nd Congressional District, has now requested four key things from the SEC Chair and CEO of FINRA in regard to MMTLP — one being an audited share count.

“I am concerned about the Financial Industry Regulatory Authority’s (FINRA) decision to halt trade of the Series A Preferred Shares of Meta Materials, that traded under the symbol MMTLP, days before it was announced MMTLP would be deleted.

This issue has been brought to my attention by numerous constituents, with deep concerns regarding the status and ownership details of their shares.

FINRA’s decision to halt trade in these shares without public notice has resulted in the financial suffering of many in my district and throughout the country.

The U.S. Securities and Exchange Commission (SEC) and FINRA have a responsibility to protect investors and the wider public, ensuring the stability and integrity of the market.

Due to the financial distress faced by my constituents, I am seeking information regarding the actions that led to the suspension of trading for MMTLP on December 8, 2022, shortly before the planned removal of the MMTLP symbol on December 13, 2022.

In response to these concerns, I hereby make the following requests:

Congress Requests Answers From SEC and FINRA on MMTLP

Market News Today - Member of Congress Orders MMTLP Share Count in New Letter.
Market News Today – Member of Congress Orders MMTLP Share Count in New Letter.
  1. A concise briefing be delivered to my office from the relevant authority, either the SEC or FINRA, with the capacity to provide insights into the circumstances surrounding the trading halt for MMLTP.
  2. A confirmation from FINRA that the trading halt fell within their jurisdiction and followed established industry standards.
  3. A clearly outlined, written response detailing the expected course of action for my constituents’ existing holdings. This should be accompanied by a timeline that outlines the steps and offers an estimated timeframe for resolution.
  4. I request the delivery of an audited and consolidated count of shares that were held by the investing public related to Meta Materials’ Series A Preferred Shares on the date of December 9th, 2022. This should encompass all relevant documentation or disclosures to foster transparency and confidence among my constituents regarding their ownership interests.

Considering the seriousness of this situation and the substantial consequences on my constituents, I urge your prompt attention. I appreciate your consideration of this critical issue.”

Just last week, Senator Mike Crapo questioned Gensler on whether an investigation was happening with MMTLP, or whether details of what occurred with MMTLP would be released at some point.

While the SEC Chair failed to provide any valuable answers, momentum is certainly growing for the community.

Especially now that an MMTLP share count is being requested from a member of Congress.

Is the MMTLP case finally coming to an end? It has certainly taken another giant step forward.

This is a developing story – for more updates, opt-in for push notifications, join the newsletter, or follow me on social media down below.

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Market News Today - Member of Congress Orders MMTLP Share Count in New Letter.
Market News Today – Member of Congress Orders MMTLP Share Count in New Letter.

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Why Did FINRA Halt the Trading of MMTLP?

Why Did FINRA halt trading of Meta Materials?
Market News: Why Did FINRA halt MMTLP?

FINRA halted $MMTLP in December without notice leaving investors confused and angry.

The regulator blatantly proved to be one of the biggest obstructions in the market when it also failed to deliver investors with Meta Materials’ planned distribution of its preferred stock.

Now shareholders are demanding FINRA release a statement regarding the events that occurred with MMTLP.

The last day to purchase shares (and be eligible for their dividend) was Dec. 8, 2022.

Meta Material’s final trading day was Dec. 12, 2022.

The distribution date of the private Next Bridge Hydrocarbon shares was Dec. 14, 2022.

Shareholders never received the proposed preferred shares.

So, why did FINRA halt the trading of Meta Materials / MMTLP and delist the security leaving several investors questioning the integrity of our regulators?

Here’s what the regulator said.

FINRA Comments on MMTLP Halts

Meta Materials
Why did FINRA halt Meta Materials?

“Effective Friday, December 09, 2022, the Financial Industry Regulatory Authority, Inc. (“FINRA”) halted trading and quoting in the Series A preferred shares of Meta Materials Inc. (OTC Symbol: MMTLP).

Pursuant to Rule 6440(a)(3), FINRA has determined that an extraordinary event has occurred or is ongoing that has caused or has the potential to cause significant uncertainty in the settlement and clearance process for shares in MMTLP and that, therefore, halting trading and quoting in MMTLP is necessary to protect investors and the public interest.

The trading and quoting halt will end concurrent with the deletion of the symbol effective Tuesday, December 13, 2022.”

“See also Form S1 Registration Statement for Next Bridge Hydrocarbons, Inc. stating that…immediately after the Spin-Off, all shares of Series A Non-Voting Preferred Stock of Meta shall be cancelled. Available here.”

In simple terms, FINRA’s only explanation was that the halt was due to ‘uncertainty’ in the settlement process which could harm investors and public interest.

And perhaps that’s true — though I don’t think they were referring to retail investors at all, but rather FINRA’s private investors and partners.

Tinfoil hat on, you tell me.

Related: The Retail Community Says FINRA is Corrupt

Who is FINRA?

Why did FINRA halt MMTLP? Why did FINRA halt Meta Materials?
Why did FINRA halt MMTLP? Why did FINRA halt Meta Materials?

FINRA stands for the Financial Industry Regulatory Authority and is a self-regulatory government organization that oversees U.S. broker-dealers.

The organization contains records of every trade made available intraday, including that of naked short sales.

FINRA requires firms to be able to meet their short sale requirements as well as have a process to close out fails to deliver within their required timeframes.

However, they’re the open window that allows these manipulative strategies to occur in the market.

FTDS (fails-to-deliver) are mounting up every month according to SEC data, and FINRA is unable to get firms to close out these obligations.

The retail community is calling it foul play, alleging the possibility of lobbying within the self-regulated organization.

FINRA’s mission statement:

At FINRA, our mission is clear—to protect investors and promote market integrity. At FINRA, our mission is clear—to protect investors and promote market integrity. Each year, we conduct thousands of investigations of potential violations of securities industry rules, regulations and U.S. securities laws.

So, who’s watching FINRA?

Justice for the MMTLP community must be served.

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Supreme Court Summons FINRA in New MMTLP Hearing

Market News Daily - Supreme Court Summons FINRA in New MMTLP Hearing | MMTLP Lawsuit Update.
Market News Daily – Supreme Court Summons FINRA in New MMTLP Hearing | MMTLP Lawsuit Update.

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

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.

Congress is now looking at the fraud in full detail, confirmed by a series of letters sent to Meta Materials CEO George Palikaras and FINRA CEO Robert Cook.

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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Market News Today - Supreme Court Summons FINRA in New MMTLP Hearing | MMTLP Lawsuit Update.
Market News Today – Supreme Court Summons FINRA in New MMTLP Hearing | MMTLP Lawsuit Update.

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A New Motion Has Been Filed Requesting MMTLP Blue Sheets

Market News Daily - A New Motion Has Been Filed Requesting MMTLP Blue Sheets.
Market News Daily – A New Motion Has Been Filed Requesting MMTLP Blue Sheets.

A new motion has been filed in the Supreme Court of New York by Mark Basile on behalf of an MMTLP investor requesting FINRA for MMTLP blue sheets.

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.

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.

New MMTLP Updates

The Securities and Exchange Commission (SEC) Chairman Gary Gensler is now aware of the MMTLP situation.

Although Chairman Gensler failed to touch topic on inquiries regarding MMTLP during this month’s hearing, Anna Trades confirms the SEC Chair is well aware of the situation.

Anna, alongside other members of the MMTLP community visited D.C to ask Gary Gensler the hard questions.

“I had the opportunity to ask Gary Gensler, some tough questions today. To which he only answered one…he is 💯 aware of the situation regarding MMTLP!”

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 MMTLP letters have been sent to regulators by investors affected by the aftermath of the U3 halt and delisting of MMTLP.

Fox Business’s Charles Payne interviewed SEC commissioner Hester Peirce, and asked for her thoughts on the injustices of the MMTLP case.

“I think the big issue that we’ve, and I’ve certainly heard those concerns, and I think the big issue that we need to take from this is we need to do a better job communicating about what happens when certain actions happen in the market,” said Hester Peirce on MMTLP.

This is a developing story – join the newsletter below for the latest MMTLP stock news and updates.

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Market News Today - A New Motion Has Been Filed Requesting MMTLP Blue Sheets.
Market News Today – A New Motion Has Been Filed Requesting MMTLP Blue Sheets.

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

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