Shareholders of MMTLP have been left in limbo following the U3 halt imposed on Dec. 9. Many shareholders blame the Financial Industry Regulatory Authority (FINRA) for allegedly halting shares earlier than they originally stated.
Last month, it was revealed that an MMTLP shareholder had filed a petition for pre-action disclosure against FINRA. The petition asks the organization to release blue sheet data concerning the trading of MMTLP and Meta Materials (NASDAQ:MMAT). Blue sheet data contains trading data and account holder information.
Per the court document:
“The information Petitioner seeks is readily available to Respondent, and would impose essentially no burden on Respondent. Indeed, Respondent only needs to check its records for the Blue Sheets on MMAT and MMTLP, and turn the relevant information over to Petitioner’s legal counsel.”
Now, a new court filing shows that FINRA will soon make an appearance at the New York County courthouse. Let’s get into the details.
Dear MMTLP Stock Fans, Mark Your Calendars for May 30
On May 30, FINRA will argue why it believes the blue sheet data of MMTLP and MMAT stock should not be released. FINRA will have until May 19 to submit any opposition and until May 26 to send a reply.
Back in March, FINRA released a response on why it halted shares of MMTLP. It stated that shares were halted on Dec. 9, despite noting that shareholders as of Dec. 12 would be entitled for the Next Bridge Distribution, because “securities transactions typically must settle within two business days in accordance with SEC rules.” According to FINRA, this means that “trades in MMTLP executed on December 8 typically would settle on December 12, while trades executed on December 9 or December 12 typically would not settle until after December 12.”
More than 65,000 shareholders have been affected by the alleged “stock spoofing, naked shorting, market manipulation, and fraud” that occurred with MMTLP and MMAT. The shareholder who filed the petition for pre-action disclosure believes that, with the blue sheet information, the identifies of unknown brokers and market makers who engaged in fraudulent trading activity will be revealed. The next step of action would be to then to file a lawsuit against the alleged wrongdoers.
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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.