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Posted On: 10/30/2017 3:18:33 PM
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Magna asking for extra time to respond to the Yippy accusations. Time extended to Dec. 14 from Nov. 6.
The basic accusation here is that Magna takes stock certificates they get from a convertible loan, makes fake copies, and sells them, killing a stock's price, then they convert with the real certificate for loads of shares later that cover the fake shares they shorted. Like a boomerang. And once the conversion is done, they've absorbed the fakes, thereby covering their own asses.
I don't know that they got caught red-handed here, but the lawyer definitely tripped up when he mixed up the certificates.
The basic accusation here is that Magna takes stock certificates they get from a convertible loan, makes fake copies, and sells them, killing a stock's price, then they convert with the real certificate for loads of shares later that cover the fake shares they shorted. Like a boomerang. And once the conversion is done, they've absorbed the fakes, thereby covering their own asses.
I don't know that they got caught red-handed here, but the lawyer definitely tripped up when he mixed up the certificates.
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