- The stock price of Verb Technology (VERB) surged by 69.65% in the most recent trading session. This is why.
The stock price of Verb Technology (VERB) surged by 69.65% in the most recent trading session.
Why: Verb Technology announced that its board of directors has begun examining measures to address the alleged illegal short selling of its stock, among other suspected trading violations. And based on what appear to be unusual trading patterns, the company believes that certain individuals and/or companies may have engaged in illegal trading activities, like naked short selling and spoofing that may have artificially depressed Verb Technology’s stock price.
As Verb Technology’s board contemplates the formulation of a comprehensive plan of action to address this activity, the board is evaluating several options, including the engagement of forensic experts, as well as working in collaboration with other listed companies and their counsel that have identified similar unusual and perhaps illicit trading activity in their shares.
“Today we join the fight begun by companies like Genius Group, Helbiz and Creatd, among others for greater integrity in the capital markets. The pattern of suspicious trading activity in our stock as a potential cause of the continued depression of our share price has had broad implications for our business and our shareholders, impacting our cost of capital, restricting our growth, and jeopardizing compliance with Nasdaq’s listing requirements. When this type of trading activity continues unchecked it hurts companies like ours, but it also hurts retail investors, the honest hard-working people who invest their money in the stock market. This activity must stop. We believe that by combining resources and working together we bring the attention needed to effectuate change and hold those responsible accountable. I welcome the opportunity to collaborate with other CEOs whose companies have been affected by these actions.”
— Rory J. Cutaia, VERB Chairman & CEO