AMC, other ‘meme’ stocks jump; regulator signals concern
Aaron Saldanha, Sinéad Carew and David Randall, 07 June 2021
(Reuters) -Shares of AMC Entertainment Holdings Inc and other “meme stocks” jumped on Monday, extending a rally in social-media favorites into a third week as message boards hummed with talk of squeezing Wall Street short-sellers.
The sharp gains prompted the U.S. Securities and Exchange Commission to say it was looking into signs of market manipulation given the “volatility in certain stocks.” The volatility has challenged analysts, and two of them in the past week have stopped covering video game retailer GameStop, whose shares soared in January in a retail-driven rally. Continue reading “Article: AMC, other ‘meme’ stocks jump; regulator signals concern”
GameStop shares fall as company looks to cash in on Reddit surge
Staff and agency, 05 April 2021
Shares in GameStop fell on Monday after the video-game retailer said it may sell up to $1bn (£720m) worth of stock as it tries to make the best of the 900% surge in its shares from a Reddit-driven rally this year.
The company said it would sell up to 3.5m shares and use the proceeds to speed up its shift to e-commerce in an overhaul being led by the billionaire Ryan Cohen, its biggest shareholder and a board member of GameStop. Shares in the company fell sharply in pre-market trading in New York but had recovered by the close to $186.95, a fall of 1.9%. Continue reading “Article: GameStop shares fall as company looks to cash in on Reddit surge”
Noah R. Feldman (born May 22, 1970) is an American academic, author, columnist, public intellectual, and host of the podcast Deep Background. He is the Felix Frankfurter Professor of Law at Harvard Law School and chairman of the Society of Fellows at Harvard University. His work is devoted to constitutional law, with an emphasis on free speech, law & religion, and the history of constitutional ideas.
Feldman grew up in Cambridge, Massachusetts, where he attended the Maimonides School. Feldman was raised in an Orthodox Jewish home. Continue reading “Author: Noah Feldman”
SEC v Schwab
19 January 2016
A Charles Schwab Corp subsidiary and a former customer told the U.S. Securities and Exchange Commission Friday that an agency judge overreached when she found them liable for an alleged naked short-selling scheme and ordered them to pay $8.2 million in sanctions.
PDF (3 pages): SEC v Schwab
Naked Shorts at the Supreme Court
Bloomberg, 1 December 2015
When you’re trading securities, you generally think about being regulated by the Securities and Exchange Commission and federal law. Should you be worried about state law, too? That question isn’t merely theoretical, as shown by the naked short selling case that was argued Tuesday before the U.S. Supreme Court. The answer has practical consequences for traders of all kinds.
Read full article.
SEC Charges optionsXpress and Five Individuals
Involved in Abusive Naked Short Selling Scheme
SEC, 16 April 2012
The SEC’s Division of Enforcement alleges that Chicago-based optionsXpress failed to satisfy its close-out obligations under Regulation SHO by repeatedly engaging in a series of sham “reset” transactions designed to give the illusion that the firm had purchased securities of like kind and quantity. The firm and customer Jonathan I. Feldman engaged in these sham reset transactions in a number of securities, resulting in continuous failures to deliver. Regulation SHO requires the delivery of equity securities to a registered clearing agency when delivery is due, generally three days after the trade date (T+3). If no delivery is made by that time, the firm must purchase or borrow the securities to close out the failure-to-deliver position by no later than the beginning of regular trading hours on the next day (T+4).
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