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Article: In GameStop saga, U.S. regulator examining all aspects and parties: sources

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In GameStop saga, U.S. regulator examining all aspects and parties: sources

Chris Prentice, Pete Schroeder, 05 January 2021

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission (SEC) is looking at every aspect of and parties involved in the “Reddit rally” of GameStop Corp and other stocks, said two people familiar with the matter, suggesting a swath of industry participants may be swept up in the regulator’s review of the trading frenzy.

The people added that the furious surge in shares of GameStop, AMC Entertainment Holdings and other stocks contained familiar patterns, in that it involves users of online platforms hyping up stocks – something seen in the past on bulletin boards and social media platforms.

However, manipulation cases can be complex and may rely on more than simply language posted on a message board, they said.

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Article: Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of OrthoPediatrics Corp. (KIDS) on Behalf of Investors

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Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of OrthoPediatrics Corp. (KIDS) on Behalf of Investors

BUSINESS WIRE, 05 January 2021

On December 2, 2020, Culper Research issued a report entitled “OrthoPediatrics Corp. (KIDS): Even Channel Stuffing Can’t Save This Company,” alleging that the Company “engaged in a channel stuffing scheme that has systematically and significantly overstated revenues.” Citing interviews with distributors and former executives, the report alleged that “distributors have been induced to buy excess product directly from the Company in exchange for (a) equity-based awards, (b) the opportunity to return product, and/or (c) product discounts or increased commission schedules.” On this news, the Company’s stock price fell $4.12 per share, or 9%, to close at $41.02 per share on December 2, 2020, thereby injuring investors.
Continue reading “Article: Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of OrthoPediatrics Corp. (KIDS) on Behalf of Investors”

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Article: NAK Stock: Berger Montague Investigates Alleged Securities Fraud Claims Against Northern Dynasty Minerals Ltd. (NYSE: NAK); Lead Plaintiff Deadline is February 2, 2021

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NAK Stock: Berger Montague Investigates Alleged Securities Fraud Claims Against Northern Dynasty Minerals Ltd. (NYSE: NAK); Lead Plaintiff Deadline is February 2, 2021

PRNewswire, 05 January 2021

Berger Montague is investigating potential securities fraud claims against Northern Dynasty Minerals Ltd. (“Northern Dynasty” or the “Company”) on behalf of investors who purchased Northern Dynasty securities (NYSE: NAK) between December 21, 2017 and November 25, 2020 (the “Class Period”).

A recently filed lawsuit accuses Northern Dynasty and its senior management of misleading investors about the Company’s proposed Pebble Project, a large mining project in Alaska, and its prospects for securing a permit from federal and state regulators. Northern Dynasty repeatedly touted its progress in obtaining the necessary permits for the Pebble Project and assured investors that its design entailed a substantially reduced development footprint and new environmental safeguards for the mine.
Continue reading “Article: NAK Stock: Berger Montague Investigates Alleged Securities Fraud Claims Against Northern Dynasty Minerals Ltd. (NYSE: NAK); Lead Plaintiff Deadline is February 2, 2021”

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Article: Steve Cohen Rides Point72 Gains to $1.4 Billion in Personal Earnings

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Steve Cohen Rides Point72 Gains to $1.4 Billion in Personal Earnings

Stephen Taub, 05 January 2021

Steven Cohen’s Point72 Asset Management just posted its best year since it launched with outside money in 2018 — capping what has been a remarkable professional and personal comeback for the founder of now-defunct SAC Capital Advisors. Continue reading “Article: Steve Cohen Rides Point72 Gains to $1.4 Billion in Personal Earnings”

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Article: Penumbra, Inc. Investors: Company Investigated by the Portnoy Law Firm

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Penumbra, Inc. Investors: Company Investigated by the Portnoy Law Firm

GLOBE NEWSWIRE, 04 January 2021

​The Portnoy Law Firm advises Penumbra, Inc. (“Penumbra” or the “Company”) (NYSE: PEN) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses. On November 10, 2020, released research report on Penumbra was released by Quintessential Capital Management entitled “Penumbra and its ‘Killer Catheter’: A tale of corporate greed and seemingly blatant disregard for patients’ lives[.]”
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Article: Exuberance Over Good News Drives Bionano Genomics’ Wild Week

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Exuberance Over Good News Drives Bionano Genomics’ Wild Week

John Alford, 04 January 2021

Bionano Genomics, Inc. (BNGO) has been on a wild, meteoric rise in the past few days, and after hours on the 31st it continued to skyrocket, rising to $4 a share. On the 31st of December alone, counting market and after-hours trading, share prices surged $1.90, almost doubling. This capped a wild week, and is a momentum-driven mania trade not based on the previous performance or long-term trend of the company. While recently reporting one good report (via a paid PR service), there are obvious issues surrounding the company to the investor that takes the time to evaluate their most recent 10-Q, recent and potential massive dilution, and decreasing revenue. Continue reading “Article: Exuberance Over Good News Drives Bionano Genomics’ Wild Week”

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Article: PEN FRAUD CLAIMS EXPAND: Hagens Berman Encourages Penumbra (PEN) Investors to Contact the Firm, Investigation Expanded to Cover More Recent Claims of Fraud

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PEN FRAUD CLAIMS EXPAND: Hagens Berman Encourages Penumbra (PEN) Investors to Contact the Firm, Investigation Expanded to Cover More Recent Claims of Fraud

ACCESSWIRE, 31 December 2020

The investigation centers on whether Penumbra misled investors about the company’s flagship products for treating ischemic stroke.

On Nov. 9, 2020, research firm Quintessential Capital Management (“QCM”) published a scathing report about “Penumbra and its ‘killer catheter'”, concluding: (1) “Penumbra’s flagship ‘Jet 7′ device is linked to 18 recorded deaths, 39 injuries: this might be only the ‘tip of the iceberg;'” (2) “[t]he device is unsafe and unmarketable: we believe an FDA class 1 recall highly likely”; (3) “Penumbra may have been highly misleading in critical parts of its communication with doctors and investors;” and, (4) “[d]espite appearances, financial metrics are rapidly deteriorating, anticipating a possible sharp drop in sales.”
Continue reading “Article: PEN FRAUD CLAIMS EXPAND: Hagens Berman Encourages Penumbra (PEN) Investors to Contact the Firm, Investigation Expanded to Cover More Recent Claims of Fraud”

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Article: ZEN Graphene Solutions Announces Grant of Stock Options

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ZEN Graphene Solutions Announces Grant of Stock Options

Newsfile Corp, 30 December 2020

ZEN Graphene Solutions Ltd. (TSXV: ZEN) (OTC Pink: ZENYF) (“ZEN” or the “Company”) announces stock option grants for its directors, officers, employees and consultants. These options are exercisable for an aggregate of 1,425,000 common shares at an exercise price of $3.32 per common share for a period of three to five years from the date of the grant. Continue reading “Article: ZEN Graphene Solutions Announces Grant of Stock Options”

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Article: Cormark Securities Inc. and ITG Canada Corp. to pay $1 million to settle SEC charges

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Cormark Securities Inc. and ITG Canada Corp. to pay $1 million to settle SEC charges

The Canadian Press, 24 December 2020

TORONTO — The U.S. Securities and Exchange Commission says Canadian broker-dealers Cormark Securities Inc. and ITG Canada Corp. have agreed to pay a total of US$1 million to settle charges of improper trading procedures. According to the regulator, the two firms provided incorrect order-marking information in a period from August 2016 through October 2017 that caused more than 200 sale orders from a single hedge fund, representing total sales of more than US$660 million, to be mismarked as “long” in violation of SEC regulations. By definition, “long” means the seller actually owns the stock they are selling, as opposed to a “short” if the seller is borrowing stock to sell.
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Article: Nearly 21% of Shopify stores pose fraud risk to customers

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Nearly 21% of Shopify stores pose fraud risk to customers

Kalila Sangster, 23 December 2020

Nearly 21% of Shopify (SHOP) stores pose a fraud risk to their customers, according to new analysis by e-commerce authentication service Fakespot. Nearly 26,000 of the 124,000 Shopify stores analysed by Fakespot were “related to fraudulent practices,” says Fakespot. Around 39% of those were found to be “problematic sellers,” with issues of counterfeit products, possible brand infringements or a poor reputation.

Some 28% were possible scam stores, with privacy leaks and suspiciously cheap listings and just under 17% had negative reports from consumers, while 10% had no history of any transactions. “We recognise there will be those — however few they may be relative to our base of more than 1 million merchants — that may abuse our service, and we take this matter seriously,” Shopify said in a statement to the BBC.
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Article: Shopify hosts thousands of fraudulent shops, analysis finds

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Shopify hosts thousands of fraudulent shops, analysis finds

Rachel Gilmore, 23 December 2020

Shopify says it does “not condone the behavior of bad actors” after a Fakespot analysis found that more than 20 per cent of the Shopify stores it analyzed posed a risk to shoppers. Fakespot is a program and browser extension that helps online shoppers to spot fake reviews and counterfeits. But recently, the company used their tools proactively to do an analysis of a little over 10 per cent of Shopify’s storefronts. The analysis found that almost 26,000 of the over 124,000 Shopify stores it looked into were “related to fraudulent practices” and were flagged with a “caution” or “warning determination” by the Fakespot tool. Shopify hosts over a million stores.
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Article: Canadian brokers pay US$1M to settle SEC charges

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Canadian brokers pay US$1M to settle SEC charges

THE CANADIAN PRESS, 23 December 2020

TORONTO — The U.S. Securities and Exchange Commission says Canadian broker-dealers Cormark Securities Inc. and ITG Canada Corp. have agreed to pay a total of US$1 million to settle charges of improper trading procedures. According to the regulator, the two firms provided incorrect order-marking information in a period from August 2016 through October 2017 that caused more than 200 sale orders from a single hedge fund, representing total sales of more than US$660 million, to be mismarked as “long” in violation of SEC regulations.

By definition, “long” means the seller actually owns the stock they are selling, as opposed to a “short” if the seller is borrowing stock to sell. The SEC says that because the hedge fund’s sale orders were, in fact, short sales, the incorrect order-marking caused the executing broker to violate regulations by failing to borrow or locate the shares prior to effecting those short sales.
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Article: NJ Securities Trader Gets 18 Months For $17M Stock Scheme

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NJ Securities Trader Gets 18 Months For $17M Stock Scheme

Bill Wichert, 22 December 2020

A New Jersey federal judge on Tuesday dashed a securities trader’s hopes of receiving home confinement, sentencing him to 18 months behind bars based on his plea agreement with the government over charges he orchestrated a market manipulation scheme that reaped more than $17 million in illicit profits.

In making the request for home confinement, Joseph Taub told U.S. District Judge John Michael Vazquez during a Zoom hearing that “I’ve never been away from my kids more than one day at the most,” and that his wife’s father died as a result of the COVID-19 pandemic. Continue reading “Article: NJ Securities Trader Gets 18 Months For $17M Stock Scheme”

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Article: Credit constraints and fraud victimization: Evidence from a representative Chinese household survey

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Credit constraints and fraud victimization: Evidence from a representative Chinese household survey

L.COLIN XU, NAN GAO, YUANYUAN MA, 21 December 2020

Fraud victimization has profound economic and social implications. With the widespread leakage of private information and ever-evolving fraud schemes, people frequently encounter fraud schemes. Millions of people suffer from fraud victimization with enormous economic losses every year. A Federal Trade Commission survey reveals that 15.9 percent of the respondents were victims of fraud in 2017, which represents approximately 40 million U.S. adults. The direct monetary costs incurred by victimization could reach $50 billion (Brenner et al. 2020). Continue reading “Article: Credit constraints and fraud victimization: Evidence from a representative Chinese household survey”