Verb Technology Company Inc (NASDAQ:VERB) shares are up more than 100% Monday after the company announced its board of directors has begun examining measures to address the alleged illegal short selling of its stock, among other suspected trading violations.
What To Know: Verb shares are down approximately 80% over the last year. On Monday, the company said it has noticed what appears to be "unusual trading patterns."
"The company believes that certain individuals and/or companies may have engaged in illegal trading activities, including, among other things, naked short selling and spoofing that may have artificially depressed VERB's stock price," the company said.
Verb's board is evaluating several different options to address the alleged illegal trading activity, including the engagement of forensic experts, as well as working in collaboration with other listed companies that have identified similar unusual trading activity.
"Today we join the fight begun by companies like Genius Group, Helbiz and Creatd, among others for greater integrity in the capital markets," said Rory Cutaia, chairman and CEO of Verb.
Verb provides interactive video-based sales-enablement applications, including shoppable livestream video.
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VERB Price Action: Verb has a 52-week high of $1.69 and a 52-week low of 11 cents.
The stock was up 131.7% at 53 cents at time of publication, according to Benzinga Pro.
Photo: StockSnap from Pixabay.
