China INSOnline Corp. to Aggressively Combat Naked Short Sales of Company’s Common Stock
PRNewswire, 01 June 2010
China INSOnline Corp. (Nasdaq: CHIO), which operates http://www.soobao.cn , one of China’s leading insurance services web portals, today declares its intention to aggressively combat naked short selling of the Company’s common stock and protect its shareholder’s interests. This is expected to improve stability in the value of its stock and improve long-term investor confidence in the market.
Today the company’s suspicions were confirmed when NASDAQ OMX published the results on the short list under the regulation SHO Threshold Security List.
The company has discussed with securities council regarding the pursuit of civil action aggressively against the market participants engaged in the naked short selling in question for stock manipulation. In addition the company has notified NASD and NASDAQ OMX about the situation. The Company plans to diligently file complaints with the regulatory authorities to accelerate the enforcement of the potential market participants’ illegal actions. The result of such actions causes untold financial damage to both the company and shareholders alike.
