IIROC, Getinge, Spruce Point, OSC, OTC...There are many questions regarding this recent short activity. Shorts seemed to know there was no information coming in past 3 weeks from TSO3 and that this was a good time to short. How did they know this? And, 3+ M shares held short suddenly appear in the Canadian consolidated short interest without short sales or borrowing being registered to account for this change in short interest at the same time as the consolidated short interest in the OTC falls by a similar amount. How is it that few if any if these shorts were actually transacted in the Canadian market or borrowed or sold short there? IIROC is advised. They may ask OSC or others, including Finra, to investigate, but, by their rules, they can't confirm anything, publically. And, the next day, Spruce Point comes out with an allegedly damning short report that is high on innuendo and misinformation but short on truth and reasonable analysis, and the share price crashes, so that the shorts can cover. And, for example, someone spoofs a sale of 400,000 shares at 2.32 briefly in the last hour of yesterday's trading to try to spook buyers, then pulls the ask after a few minutes. But, it served its purpose of keeping the share price down!
Spruce Point does not just do this kind of nefarious action for their own benefit, though they no doubt do benefit handsomely with the short covering they and their cronies are able to execute with the fear in the market they have created. They do this kind of spurious invented 'report' at the behest of an interested party, one or more hedge funds who are short, or other companies who have an interest in keeping the share price of TSO3 as low as possible until it no longer serves their purposes to do so. And, with stellar news coming from the FDA confirming extended claims for duodenoscope sterilization using the VP4, or news about a new US manufacturing facility to meet growing demand, or a US listing, or further scientific validation of their technology, or more larger significant installations taking market from inferior competitors, or progress on the new 80L smaller sterilzer, or further prion validation in Europe, or .... or .... or a hostile low ball bid from their distribution 'partner' of $4-6 a share? Who would do this short, unless they had inside information about the timing of news out of TSO3,
and unless they knew the hostile bid was not going to come until after the share price was destroyed (thank you very much)? Bennet can definitely play hard ball; we all know that. No one at TSO3, I believe, is content with Getinge's slow roll-out, blamed over and over on internal disorganization. But, if Getinge and Bennet are playing this game, they will be caught, prosecuted, sued, and trounced!!
If you would like to contact IIROC, you may do so at
Complaints & Inquiries Investment Industry Regulatory Organization of Canada
121 King St. W., Ste. 2000, Toronto, Ontario M5H 3T9
1-877-442-4322