Sarepta Therapeutics, Inc.
52.6000
-1.96%
52.6000
-1.96%
26.2600 57.5700
52 weeks
52 weeks

Mkt Cap 2.89B

Shares Out 54.96M

new Chat
Send me real-time posts from this site at my email

SEC Charges: False Tweets Sent Two Stocks Reeling in Market Manipulation

According to the SEC’s complaint filed in federal court in the Northern District of California, James Alan Craig of Dunragit, Scotland, tweeted multiple false statements about the two companies on Twitter accounts that he deceptively created to look like the real Twitter accounts of well-known securities research firms.

The U.S. Attorney’s Office for the Northern District of California today filed criminal charges against Craig.

The SEC’s complaint alleges that Craig’s first false tweets caused one company’s share price to fall 28 percent before Nasdaq temporarily halted trading. The next day, Craig’s false tweets about a different company caused a 16 percent decline in that company’s share price. On each occasion, Craig bought and sold shares of the target companies in a largely unsuccessful effort to profit from the sharp price swings.

The SEC’s investigation also determined that Craig later used aliases to tweet that it would be difficult for the SEC to determine who sent the false tweets because real names weren’t used.

“As alleged in our complaint...


More
Cancel