My contribution to the SEC below. Thanks Skipper
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Posted On: 11/06/2020 10:08:17 AM
My contribution to the SEC below. Thanks Skipper for providing the complaint link:
GNBT (OTC) is developing and testing a Covid vaccine that takes a different approach than the current RNA/DNA vaccines, with focus on long term immunity. For the past several months, the stock price (pps) of Generex Biotechnology corporation has traded in a suspicious manner.
In this time period, GNBT (OTC) has made several announcements of a major vaccine development and licensing deal with Malaysia, along with potential expansion of similar deals into China, Australia and Canada. In addition, they have made positive announcements regarding the advancement of the vaccine testing, including initial trial protocol acceptance by the FDA. All announcements have been backed up by SEC 8k registrations, so it would seem the announcements and the money taken in from the Malaysian deal are valid.
With each announcement, the stock price appears to have been manipulated by unknown entities. While many stocks trade much higher on rumors and lesser announcements, GNBT's stock has traded in a tight range that appears to put a cap on any pps appreciation. Numerous times bids have shown higher than that range, but the next transaction of the stock is made at a lower price. In early November 2020, the daily volume increased to between 5 and 10 times average volume for consecutive days, but the pps traded in a tight $.01 range - each time there was an effort to increase the price, a transaction took place that pulled the pps down again.
I believe the SEC must investigate the entities making these trades to determine who and for what purpose they are being performed. The company's ability to finance the further development of the vaccine along with expanding other core operations has been impacted by this manipulation. By artificially holding the pps down, the company has had to issue additional shares to raise funds for continuing operations. This has diluted the shareholders' equity in the company, as well as further depressing the price per share. If the SEC's job is to protect investors and shareholders, then investigation into the trading of GNBT's stock is a responsibility that should not be overlooked.
GNBT (OTC) is developing and testing a Covid vaccine that takes a different approach than the current RNA/DNA vaccines, with focus on long term immunity. For the past several months, the stock price (pps) of Generex Biotechnology corporation has traded in a suspicious manner.
In this time period, GNBT (OTC) has made several announcements of a major vaccine development and licensing deal with Malaysia, along with potential expansion of similar deals into China, Australia and Canada. In addition, they have made positive announcements regarding the advancement of the vaccine testing, including initial trial protocol acceptance by the FDA. All announcements have been backed up by SEC 8k registrations, so it would seem the announcements and the money taken in from the Malaysian deal are valid.
With each announcement, the stock price appears to have been manipulated by unknown entities. While many stocks trade much higher on rumors and lesser announcements, GNBT's stock has traded in a tight range that appears to put a cap on any pps appreciation. Numerous times bids have shown higher than that range, but the next transaction of the stock is made at a lower price. In early November 2020, the daily volume increased to between 5 and 10 times average volume for consecutive days, but the pps traded in a tight $.01 range - each time there was an effort to increase the price, a transaction took place that pulled the pps down again.
I believe the SEC must investigate the entities making these trades to determine who and for what purpose they are being performed. The company's ability to finance the further development of the vaccine along with expanding other core operations has been impacted by this manipulation. By artificially holding the pps down, the company has had to issue additional shares to raise funds for continuing operations. This has diluted the shareholders' equity in the company, as well as further depressing the price per share. If the SEC's job is to protect investors and shareholders, then investigation into the trading of GNBT's stock is a responsibility that should not be overlooked.
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