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08:58 AM EDT, 03/14/2023 (MT Newswires) -- FSD Pharma Inc. (HUGE.CSE), a biopharmaceutical company, on Tuesday said it has renewed the service agreement with ShareIntel-Shareholder Intelligence Services, LLC (www.shareintel.com) to assist in ongoing investigations related to suspected naked short selling of the Company's common stock. Naked short selling, a form of market manipulation, is the illegal practice of short selling shares that have not been affirmatively determined to exist. Effectively, naked short selling creates artificial shares that do not exist in a company's capital structure. FSD management said that over the past few years, it has received requests by shareholders to explain the discrepancy between buying and selling data of HUGE stock by different banks and broker-dealers. Management, with its consultants and contractors, have been analyzing data on a daily basis for over a year now, including that of broker-dealers, clearing firms, and shareholder position management. In light of the data analyzed, FSD management, for at least the past 12 months, has sent multiple correspondences with questions, to broker-dealers highlighting an imbalance in trade activity, for which management has received either no response or a generic, unsatisfactory reply. To this date, the company has not received a satisfactory response to shareholder inquiries related to discrepancies between buying and selling of HUGE stock. FSD is consulting with ShareIntel and others on the matter of retaining a specialist law firm. "Our shareholders can rest assured that we have heard their concerns. We are acting appropriately with all tools at our disposal to identify any nefarious perpetrators. We as fervent advocates for naked short selling reform, call upon and appeal to all regulators and oversight bodies throughout Canada and the U.S., including the Ombudsman Ontario and the U.S. Department of Justice to look into the short selling activity of our stock," said Zeeshan Saeed, President and Co-Executive Chairman at FSD Pharma. |