"It shall be unlawful for any person, directly or indirectly, by the use of the mails or any means or instrumentality of interstate commerce, or of any facility of any national securities exchange, or for any member of a national securities exchange ...
To effect, alone or with one or more other persons, a series of transactions in any security registered on a national securities exchange or in connection with any security-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act) with respect to such security creating actual or apparent active trading in such security, or raising or depressing the price of such security, for the purpose of inducing the purchase or sale of such security by others."
The relevant extract is -
"transactions ... depressing the price of such security, for the purpose of inducing the purchase or sale of such security by others."
I'm absolutely certain that at this point in time the buying interest in INSM outweighs the selling interest - and that, if called to explain their actions, the entities who have been walking down the share price recently would have no good excuse other than to influence potential buyers to pay less and potential sellers to accept less - so that the Shorts can cover their positions at a lower price.
Strictly speaking, doing so doesn't appear to be a violation of the letter of the law. But does anybody here know if it is a recognized violation within the spirit of the law?
Since when does the SEC actually enforce the rules? The government doesn't even follow the rule of law when it doesn't serve their interests. By all rights half of Wall Street should be in the slammer followed by just as many government officials.
I really object to the arrogance of these parasites. They know that by moving the share price in that manner they'll scare the vast majority of retail investors - keeping them on the sidelines in the belief that the share price movement means there's a catch.
Just wondered if anybody here knew for sure if doing that was a violation.