As part of a procedure for violation of the rules of conduct on the market, the Swiss Financial Market Supervisory Authority (Finma) found market manipulation by Blackstone Resources.
The procedure revealed that this Zug investment company and one of its bodies had repeatedly and illicitly influenced the price of the shares since their listing, Finma said on Tuesday.
During the procedure, the parties refused to provide Finma with all the information it requested of them. This did not prevent the financial policeman from noting that the company or persons linked to the company had “during certain trading periods repeatedly bought shares illicitly in order to influence the prices”, specifies the press release.
Finma also noted order entries “presenting no apparent economic background” in the order book and “public comments likely to potentially influence the stock market price” made by the company. Finma’s intervention was also necessary to correct a declaration of Blackstone’s own holdings, which had turned out to be incorrect.
Blackstone Resources and one of its bodies were guilty of market manipulation and breaches of obligations in terms of disclosure of shareholdings, sums up Finma. His decision, however, has not entered into force and can be challenged in court, the statement said.
/ ATS
