SEC Charges 23 Firms With Short Selling Violations in Crackdown on Potential Manipulation in Advance of Stock Offerings.
The SEC’s Rule 105 of Regulation M prohibits the short sale of an equity security during a restricted period – generally five business days before a public offering – and the purchase of that same security through the offering. The rule applies regardless of the trader’s intent, and promotes offering prices that are set by natural forces of supply and demand rather than manipulative activity. The rule therefore helps prevent short selling that can reduce offering proceeds received by companies by artificially depressing the market price shortly before the company prices its public offering.
On the list of violaters- Deerfield Management Company....hmmmmm
"...but none involving EXEL.."
That are currently proven, but doesn't the timeline of those proven transgressions coincide nicely with the timeline of the EXEL offerings? If these illegally-timed short-selling plays were directed at price control of ARRY...why would you suspect they'd manage their EXEL holdings differently?
I suspect most traders are too complacent, and not enough complaints get filed...
My bet says all their trades in that timeframe are suspect...
Good find, Duckduffer...