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News! Interesting
$Mangoceuticals (MGRX.US)$ Mangoceuticals, Inc. Initiates Investigation into Potential Stock Manipulation Scheme Following Recent Reverse Stock Split
7 MINUTES AGO, 7:00 AM EST
VIA GLOBENEWSWIRE
DALLAS, TX, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Mangoceuticals, Inc. (NASDAQ:MGRX) ("MangoRx" or the "Company"), a company focused on developing, marketing, and selling men's health and wellness products via a secure telemedicine platform, today announced that it has launched an investigation into potential stock manipulation related to and following its recent reverse stock split, which was effective as of October 16, 2024. This decision follows a comprehensive review of highly irregular trading patterns and an unprecedented increase in the number of shareholder accounts, factors that collectively raise concerns about potential stock manipulation.
This investigation also follows a recent request the Company received from the Depository Trust Company Corporation (DTC) whereby DTC requested from MangoRx's transfer agent delivery of an additional 213,327 shares of MangoRx's common stock reflecting the "round-up" of fractional shares outstanding on a post-reverse split basis. This requested amount represents approximately 9% of MangoRx's total issued and outstanding shares based on a total of approximately 2.4 million shares outstanding on a post-reverse split basis, before such rounding.
Prior to the reverse split, MangoRx had approximately 5,000 total shareholders (including record shareholders and non-objecting beneficial owners). However, the substantial share request suggests an unprecedented increase in shareholder accounts, potentially indicating an increase of more than 200,000 accounts post-split – a scenario that warrants an additional investigation.
To facilitate this unprecedented increase in shareholder accounts, MangoRx observed a nearly impossible pattern of trading activity, including tens of thousands of high-frequency single-share transactions leading up to and immediately following the effective date of the reverse split. These transactions, unique in their volume and frequency by the Company's record, have contributed to suspicions of possible manipulation in a broader scheme.
To ensure the integrity of MangoRx's shareholder base, Jacob Cohen, the Company's Founder and CEO, has denied DTC's request in issuing and delivering these additional shares until a thorough investigation can be completed. Mr. Cohen commented, "our priority is to protect the interests of our shareholders, the integrity of the Company's market value and uphold transparency. MangoRx is committed to conducting a full investigation to address any irregularities and ensure accountability across all parties involved."
MangoRx believes that such irregularities may be similar to those identified by Upexi, Inc. (NASDAQ:UPXI) ("Upexi"), as announced in a recent press release. Upexi observed a similar pattern of trading activity leading up to and post its recent reverse stock split, as well as an extraordinary increase in shareholder accounts post-split. Upexi disclosed that five brokerage firms requested over 200,000 round-up shares of Upexi common stock—nearly 19% of Upexi's total outstanding shares post-split. Upexi further disclosed that this surge represented an approximately 40-fold increase in individual shareholder accounts, with requests concentrated within a narrow, three-day trading window between the reverse split announcement and its effective date.
7 MINUTES AGO, 7:00 AM EST
VIA GLOBENEWSWIRE
DALLAS, TX, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Mangoceuticals, Inc. (NASDAQ:MGRX) ("MangoRx" or the "Company"), a company focused on developing, marketing, and selling men's health and wellness products via a secure telemedicine platform, today announced that it has launched an investigation into potential stock manipulation related to and following its recent reverse stock split, which was effective as of October 16, 2024. This decision follows a comprehensive review of highly irregular trading patterns and an unprecedented increase in the number of shareholder accounts, factors that collectively raise concerns about potential stock manipulation.
This investigation also follows a recent request the Company received from the Depository Trust Company Corporation (DTC) whereby DTC requested from MangoRx's transfer agent delivery of an additional 213,327 shares of MangoRx's common stock reflecting the "round-up" of fractional shares outstanding on a post-reverse split basis. This requested amount represents approximately 9% of MangoRx's total issued and outstanding shares based on a total of approximately 2.4 million shares outstanding on a post-reverse split basis, before such rounding.
Prior to the reverse split, MangoRx had approximately 5,000 total shareholders (including record shareholders and non-objecting beneficial owners). However, the substantial share request suggests an unprecedented increase in shareholder accounts, potentially indicating an increase of more than 200,000 accounts post-split – a scenario that warrants an additional investigation.
To facilitate this unprecedented increase in shareholder accounts, MangoRx observed a nearly impossible pattern of trading activity, including tens of thousands of high-frequency single-share transactions leading up to and immediately following the effective date of the reverse split. These transactions, unique in their volume and frequency by the Company's record, have contributed to suspicions of possible manipulation in a broader scheme.
To ensure the integrity of MangoRx's shareholder base, Jacob Cohen, the Company's Founder and CEO, has denied DTC's request in issuing and delivering these additional shares until a thorough investigation can be completed. Mr. Cohen commented, "our priority is to protect the interests of our shareholders, the integrity of the Company's market value and uphold transparency. MangoRx is committed to conducting a full investigation to address any irregularities and ensure accountability across all parties involved."
MangoRx believes that such irregularities may be similar to those identified by Upexi, Inc. (NASDAQ:UPXI) ("Upexi"), as announced in a recent press release. Upexi observed a similar pattern of trading activity leading up to and post its recent reverse stock split, as well as an extraordinary increase in shareholder accounts post-split. Upexi disclosed that five brokerage firms requested over 200,000 round-up shares of Upexi common stock—nearly 19% of Upexi's total outstanding shares post-split. Upexi further disclosed that this surge represented an approximately 40-fold increase in individual shareholder accounts, with requests concentrated within a narrow, three-day trading window between the reverse split announcement and its effective date.
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J L 7 2 : Nice, nice, originally, I made money, but unfortunately I lost money and sold it because of manipulation
Trytosaveabit OP J L 7 2 : Yup! A lot of people have! And many spoke to company! I sure that helped them decide to investigate!