Helbiz (NASDAQ:HLBZ) stock is rising higher on Friday after the micro-mobility company announced plans to investigate short selling of its shares.
According to Helbiz, it’s considering actions to handle the alleged illegal short selling of HLBZ stock. The company claims that certain individuals or companies have taken part in illegal short selling, depressing the price of shares.
Salvatore Palella, CEO of Helbiz, has revealed he will meet with third parties to further discuss this matter. The company notes that it is following the steps of Genius Group (NYSEMKT:GNS), which announced similar actions earlier this week.
Palella said the following about Helbiz’s plans in a press release:
“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.”
How This Affects HLBZ Stock
Traders are piling into HLBZ stock today following the short-selling investigation news. This has some 311 million shares on the move as of this writing. That’s a massive surge compared to the daily average trading volume of about 18.6 million shares.
HLBZ stock is up 123.7% as of Friday morning.
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On the date of publication, William White 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.