Key facts
- Abaxx has asked Canadian market regulators to investigate alleged share manipulation.
- The company is responding to a short-selling campaign initiated by Viceroy.
- Abaxx has hired the law firm Paul Weiss.
- Paul Weiss will aid Abaxx in its response to Viceroy's campaign.
- The investigation will focus on potential manipulative trading in Abaxx's shares.
Abaxx has initiated a formal request to Canadian market regulators, urging them to investigate alleged manipulative trading in its shares. This action comes in response to a short-selling campaign that has been actively pursued by Viceroy. To bolster its defense and navigate the complexities of the situation, Abaxx has also engaged the services of the law firm Paul Weiss. The firm's involvement is intended to aid Abaxx in its response to Viceroy's campaign and to assist in the regulatory investigation into potential market manipulation.
The short-selling campaign by Viceroy has prompted Abaxx to seek regulatory oversight. The company's request to regulators signifies a serious concern about the integrity of its stock's trading activity. Paul Weiss, a notable law firm, will now work with Abaxx to address the allegations and the ongoing market pressures.
This development highlights the ongoing tension between companies and short-selling firms, with regulatory bodies often playing a crucial role in mediating such disputes and ensuring fair market practices. The investigation by Canadian regulators will aim to determine if any manipulative trading has occurred and what actions, if any, should be taken.