The Securities Exchange Commission on Thursday charged a New York-based trading firm of manipulating the closing price of thousands of Nasdaq-listed stocks from June to December 2009.
The investigation found that Athena Capital Research used an algorithm to engage in a practice known as "marking the close" in which stocks are bought or sold near the end of the trading day to impact their closing price, a release said.
"The massive volumes of Athena's last-second trades allowed Athena to overwhelm the market's available liquidity and artificially push the market price—and therefore the closing price—in Athena's favor. Athena was acutely aware of the price impact of its algorithmic trading, calling it "owning the game" in internal e-mails," the SEC wrote in a release.
The fact that the Clinton Group has been dumping when the stock needs it the least is truly fishy if they are truly "long term investors." If they truly are long term investors then there are not many explanations as to why they have been killing the share price lately other than that they are driving the price down to take it private on the cheap. None of it makes sense and stinks to high heaven considering Taxin's comments going way back and not just what he said to the NY Post. If they have decided to exit the stock since Taxin's comments then what he said looks like a blantant pump and dump for the Clinton Group.
That is fine and dandy but he can't make a statement that "we" are long term investor's while they are dumping. He should know that he can't make a statement like that. They are supposedly trying to help right the ship but are dumping when the stock price needs buyers, not sellers. That doesn't make any sense if the company's best interest is in mind. And where are the turnaround plans at? What are they waiting for? I guess they are waiting for the Clinton Group to drive it down and buy on the cheap so they can take it back up.
And I don't blame Wet Seal here. This is all the Clinton Group and is the shadiest thing I have seen for a non-OTC stock. Had Taxin not made those comments to the NY Post then them selling would not have meant much to me. They better fix it and fast and if we get a PR about the Clinton Group taking it private for some really low share price then we all know what happened here. Hedge Fund BS.
With everything that has happened with the Clinton Group pumping and dumping shares this upgrade is seeming pretty shady now too. I am saying all this while I am long and down big time.
I tried to post links to the NY Post article with Taxin's comments and the article about them taking it private but Yahoo deleted them. Grrrr
Then go back to here and see where they were trying to take it private.