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Friday, June 16, 2023

VERB 6/16/2023

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 11:57a 
ET 4/20/2023 - Dow Jones

Verb Technology Shares Hit 52-Week Low After Making Short-Selling Allegations
Mentioned:VERB

By Chris Wack 

Verb Technology Company Inc. shares were down 12% to $2.74 Thursday, one day after the company said an investigation it conducted in the past several months has produced compelling evidence identifying what it claimed was potentially unlawful short-selling of its shares by over a dozen financial services firms. 

The stock hit its 52-week low of $2.71 earlier in the session and is down 91% over the past 12 months. The stock closed Wednesday's session down 7% and started its losing streak Tuesday, after stockholders approved a 1-for-40 reverse stock split. 

On Jan. 23, the Newport Beach, Calif.-based video sales app company said it detected unusual patterns in the trading of its shares and suggested certain individuals or companies engaged in illegal trading activities. 

On Feb. 6, Verb Technology then said it hired forensic professionals to undertake a comprehensive investigation and analysis of its stock's data taken from clearing firms, broker-dealers, reporting entities and other sources. 

"We have recently been in touch with regulatory agencies that appear ready to assist us," Chairman and Chief Executive Rory J. Cutaia said. "To date, 16 financial services firms have been notified." 

Verb Technology said it would continue its investigation monitoring trading activity of its shares at these firms, and that it would identify other individuals or firms that display similar short-selling patterns. 

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

April 20, 2023 11:57 ET (15:57 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.



 

ANGI

 share  12.01   market   2.25  AVG 2.32 (2.95 ) % down  today 0.88%  purchase date  04 April 2024 2.34 3 April 2024 2.48 4 April 2024 2.30

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