On Thursday Genius Group rose nearly 500% on a press release on an approved plan on how they could combat short sellers.
Genius Group says it approved at a board meeting held on Wednesday an action plan to address alleged illegal short selling of its stock.
The business claims that as part of the action plan, a board-led “Illegal Trading Task Force” will be established to actively pursue all options for cooperating with regulators in the identification and prosecution of those responsible for market manipulation involving Genius Group’s common shares.
The Task Force, according to the firm, will be chaired by Roger Hamilton, CEO of Genius Group, Richard Berman, a director of Genius Group and chair of the company’s audit committee, and Timothy Murphy, a former deputy director of the F.B.I. and current director of Genius Group.
Helbiz Inc, (HLBZ) to combat short selling
On Friday, Helbiz released a press release to combat short selling.
Helbiz is considering its options and adopting strategies used by organizations like the Genius Group (NYSE American: GNS) to handle this problem. Helbiz’s CEO, Salvatore Palella, has said that he will engage with other parties who have expressed an interest in cooperating with Helbiz to address a potential short selling issue.
The company thinks that a few people or businesses may have used unethical short selling techniques to artificially drive down the stock price. As a result, Helbiz is weighing its alternatives and adopting strategies used by organizations like the Genius Group (NYSE American: GNS) to handle this problem. Helbiz’s CEO, Salvatore Palella, has said that he will engage with other parties who have expressed an interest in cooperating with Helbiz to address a potential short selling issue.
“The integrity of our stock is of the utmost importance to us and our shareholders. The recent underperformance of our shares compared to the market is a clear indication of the illegal short selling activities that have taken place. These activities have not only affected the value of our stock but have also forced us to make difficult decisions such as layoffs. We will not tolerate these illegal activities that artificially depress the value of our stock and we are committed to protecting the interests of our shareholders and ensuring that the value of their investment is not artificially depressed. Our Board of Directors is actively evaluating all options to address this issue and protect the interests of our shareholders, including seeking out partnerships with companies undergoing similar market situations and taking legal action to combat illegal short selling and restore fair market conditions.”Salvatore Palella, CEO of Helbiz