Gorilla Technology (NASDAQ:GRRR) stock is rising higher on Tuesday after the company revealed plans to take on illegal short sellers.
According to a press release from Gorilla Technology, the company has hired Global Economics Group to help it tackle illegal short sellers. The company has taken this action following months of price volatility that it believes is due to market manipulation.
Jay Chandan, chairman and CEO of Gorilla Technology, said the following about the plan:
“An investigation by an economic analysis firm with expertise in suspicious trading activity has uncovered compelling evidence suggesting manipulation of our share price. Today we are putting the suspected bad actors on notice. We know what you have been doing, and we will not sit still and allow you to attempt to destroy our company to enrich yourselves.”
How This Affects GRRR Stock Today
The hiring of Global Economics Group and strong words from the Gorilla Technology CEO have risen the morale of shareholders today. As a result, the company’s stock is seeing heavy trading. This has more than 22 million shares of its stock changing hands as of this writing. For the record, its daily average trading volume is about 6 million shares.
GRRR stock is up 38.8% as of Tuesday morning. However, the stock is still down 78% since the start of the year.
Investors looking for more of the latest stock market news worth reading about today are in luck!
We have breakdowns of all the biggest stock market stories that traders need to know about on Tuesday! Among that is the latest earnings report from Lucid Motors (NASDAQ:LCID), the news sending shares of bank stocks lower today, as well as what’s going on with Tilray Brands’ (NASDAQ:TLRY) expansion plans. You can catch up on all of this news at the links down below!
More Stock Market News For Tuesday
- LCID Stock Alert: Lucid Motors Reports Strong Cash Balance
- Why Are Bank Stocks Down Today?
- TLRY Stock Alert: Can New Anheuser-Busch Brands Save Tilray?
On the date of publication, William White did not have (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.
