All eyes are on Genius Group (NYSEMKT:GNS), as shares of GNS have more than doubled today. The education technology company announced this morning that its board had formed an “Illegal Trading Task Force” to investigate market manipulation and naked short selling. The task force will be led by Director and former former FBI Deputy Director Timothy Murphy, CEO Roger Hamilton and Director Richard Berman.
Genius Group will also hold an extraordinary general meeting in the coming weeks. At the meeting, shareholders will vote to approve several measures, such as a reverse stock split and/or a stock buyback plan. Genius’ board has also authorized three proposals which will be voted on by shareholders.
The first measure is to move forward in the legal process with two law firms to explore necessary legal action against anyone who is reasonably believed to have manipulated GNS stock. Next, the company plans on issuing a special dividend. Genius’ management has stated the dividend could help with exposing anyone involved with market manipulation.
More details about the dividend will be provided in the near future. Finally, Genius is currently in the process of exploring the possibly of a dual listing. Management explained an additional listing could make market manipulation and naked short selling more difficult to achieve.
5 Investors Betting on GNS Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q3, only five 13F filers reported owning shares of GNS, an increase of two filers from the prior quarter. Three filers reported a new stake, while Ken Griffin’s Citadel Advisors reported closing its position. In total, institutions own 0.49% of shares outstanding and 1% of the float.
With that in mind, let’s take a look at Genius’ top institutional shareholders:
- Jane Street: 52,503 shares. Jane Street acquired its entire stake during the third quarter.
- BlackRock (NYSE:BLK): 32,727 shares. BlackRock acquired its entire stake during Q3.
- JPMorgan Chase (NYSE:JPM): 6,979 shares. JPMorgan acquired its entire stake during Q3.
- UBS (NYSE:UBS): 6,310 shares. UBS acquired 4,368 shares during Q3.
- Morgan Stanley (NYSE:MS): 6,284 shares. Morgan Stanley acquired 4,135 shares during Q3.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
