Sound familiar? Medical device maker Neovasc la

Sound familiar?

Medical device maker Neovasc launches inquiry into trading of its shares for possible market manipulation

Published: Feb 11, 2020 7:39 a.m. ET

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By

CIARA
LINNANE
CORPORATE NEWS EDITOR

Medical device maker Neovasc Inc.'s shares NVCN, -2.60% slid more than 7% in premarket trade Tuesday, after the Vancouver-based company said it has launched an independent inquiry into trading of its shares. The company, which develops minimally invasive transcatheter mitral valve replacement technologies and minimally invasive devices for the treatment of refractory angina, said it has hired Joshua Mitts, a professor at Columbia University specializing in securities trading, to lead the inquiry. "Professor Mitts will examine trading history related to the unusual volume and downward pressure on the price of the common shares of the company after positive news releases, and the unusual volume and downward pressure on the price of the common shares of the company after the company announced an update on its compliance with the Nasdaq's minimum value of listed securities rule," Neovasc said in a statement. The company may provide the findings of its report to Nasdaq, it added. The action comes after what the company believes may have been "illegal market manipulation including possible shorting and distorting" of the shares. Shares have fallen 66% in the last 12 months, while the S&P 500 SPX, +0.65% has gained 24%.