Burford Loses Bid For LSE Trader Info In Short-Selling Attack
Richard Crump, Ed Harris
Law360, 15 May 2020
Burford Capital has failed to win a court order to force the London Stock Exchange to hand over the names of traders that dealt in its shares. (iStock)
Judge Andrew Baker has refused to grant an application by Burford Capital Ltd. for a court order to force the exchange to hand over the names of traders that bought and sold the funder’s shares on Aug. 6 and 7, 2019.
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Burford Capital loses fight to force London Stock Exchange to hand over confidential trading data
Global Legal Post, 15 May 2020
Litigation funder Burford Capital has conceded defeat in an unprecedented battle with the London Stock Exchange (LSE) after the High Court rejected its application for the LSE to hand over confidential trading information.
Burford was seeking the identities of market participants trading in its shares in a bid to prove that its share price had been illegally manipulated during a sell-off that occurred after a heavily critical research report by hedge fund Muddy Waters last August.
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Burford abandons market manipulation claim
Gazette reporter, 15 May 2020
Burford Capital has abandoned a legal bid to prove its share price was illegally manipulated after being denied access to market information.
The embattled litigation funder said it does not intend to appeal a High Court ruling refusing an application to compel the London Stock Exchange to release trading data.
Burford has made a concerted effort to pursue claims for market manipulation following an August 2019 short attack against its shares. The Guernsey-registered and New York-based business came under assault when a US shareholder activist, Muddy Waters, published an apparently damning analysis. Muddy Waters claimed Burford was ‘arguably insolvent’ and described its governance as ‘laughter-inducing’, allegations which were strenuously denied by Burford. Muddy Waters renewed its attack on Burford earlier this week, accusing it of over-stating profits. Continue reading “Article: Burford abandons market manipulation claim”
Burford Loses ‘Market Manipulation’ Claim Against London Stock Exchange
Krishnan Nair, 15 May 2020
Burford Capital has failed in its claim against the London Stock Exchange (LSE) that it had been the victim of market manipulation, after its share price plummeted last year.
Last August, the litigation funder’s share price tumbled following what the firm referred to as a “short-selling attack” by U.S. research firm Muddy Waters. More than $1.2 billion was wiped off Burford’s value, with shares dropping as low as 64%.
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Burford Capital adamant last week’s share price plunge was down to ‘illegal market manipulation’
Tom Howard, 12 August 2019
On 6 August alone, Burford reckons almost £90mln of sell orders were placed and cancelled, artificially driving down the value of its shares. Burford Capital Limited (LON:BUR) is adamant that last week’s share price plunge owed more to “illegal market manipulation” than any flaws in its business.
Last week, shares in the litigation funder plunged by more than a third after notorious US short-seller Muddy Waters accused it of “Enron-esque mark-to-model accounting” and “egregiously misrepresenting” its returns. Continue reading “Article: Burford Capital adamant last week’s share price plunge was down to ‘illegal market manipulation’”