Business
Focus Universal Inc. Hires ShareIntel To Investigate Naked Short Selling Activity
ONTARIO and LOS ANGELES, CA / ACCESSWIRE / February 9, 2023 / Focus Universal Inc. (NASDAQ:FCUV) ("Focus" or the "Company"), a provider of patented hardware
About this update from Focus Universal Inc.
[{"type":"text","content":"ONTARIO and LOS ANGELES, CA / ACCESSWIRE / February 9, 2023 / Focus Universal Inc. (NASDAQ:FCUV) (\"Focus\" or the \"Company\"), a provider of patented hardware and software design technologies for Internet of Things (\"IoT\") and 5G, has hired Shareholder Intelligence Services, LLC (\"ShareIntel\") to assist in our efforts to help identify and combat suspected illegal naked short selling activities and market manipulation. This is all part of a larger set of action plans and resolutions approved by the management and board to address what might be a pervasive pattern of illegal short selling of its stock.\"Based on the trading patterns of the stock we are concerned that our company may have been the target of illegal naked short selling of our stock and spreading false or misleading information, rigging our stock quotes for purpose of depressing of our stock price. We are committed to taking steps to investigate any wrongdoing,\" said Dr. Desheng Wang, CEO of Focus Universal, \"and by utilizing ShareIntel's patented processes and proprietary analytics, we expect to leverage actionable intelligence to protect our shareholders.\"This action plan may include pursuing potential legal actions together with other parties in the discovery and prosecution of persons engaging in market manipulation or illegal naked short selling.The company has authorized the following actions:Issuing a special dividend to all shareholders, which management believes may help to expose those who may have participated in market manipulation relating to the Company's shares. Focus Universal management believes it is in our long term shareholders' interest to continue to reward legitimate long term shareholders aligned with company goals.Investigating and pursuing any illegal market manipulation which may also include spreading negligently false or misleading information, such as blatantly false familial relationships within management and false auditor relationships to create shock value that will spread throughout social media. The company continues to hold that manipulation of stock through illegal activity should not be rewarded, and our legal team will investigate and take necessary actions.Advancing to the next stage of the legal process, and explore taking legal and regulatory action against anyone reasonably believed to be involved or suspected of b...