FSD Pharma Inc. HUGE has renewed a service agreement with shareholder intelligence services provider ShareIntel LLC to assist in ongoing investigations related to suspected naked short selling of the company’s common stock.
Over recent years, FSD Pharma’s management received several shareholder requests on the discrepancy between buying and selling data of HUGE stock by different banks and broker-dealers.
After a year-long daily basis analysis of data and obtaining no reply from broker-dealers in view of the evident imbalance in trade activity, FSD has decided to pursue additional avenues in order to provide clarity to shareholders.
This could include retaining a specialized law firm, reviewing historic and future data and eventually considering prosecution of individuals or groups potentially engaged in violations of securities laws, rules and regulations related to naked short selling.
“Our shareholders can rest assured that we have heard their concerns. We are acting appropriately with all tools at our disposal to identify any nefarious perpetrators. We as fervent advocates for naked short-selling reform, call upon and appeal to all regulators and oversight bodies throughout Canada and the U.S., including the Ombudsman Ontario and the U.S. Department of Justice to look into the short-selling activity of our stock,” said the company president and co-executive chairman Zeeshan Saeed. “We take shareholder value extremely seriously and work relentlessly to build it in an ethical and transparent manner. We will not sit idly by while trading patterns suggest artificial pressures exist to depress our value and we hope that the patented processes and proprietary analytics of ShareIntel can help root out and expose bad actors.”
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