BZFD - AUVI Stock Alert: What to Know as Applied UV Takes on Naked Short Sellers
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Applied UV (NASDAQ:AUVI) stock is climbing higher on Friday after the company revealed plans to tackle alleged illegal short selling of its shares.
According to a press release, Applied UV has brought in Herrick, Feinstein LLP to investigate the possible illegal short selling of AUVI stock. This comes as it suspects naked short sellers may be having a negative impact on the company’s shares.
Max Munn, CEO of Applied UV, said the following in a statement.
“We are concerned that there may have been certain illegal activities with respect to the trading of our securities, which we cannot tolerate. Accordingly, on behalf of the Company, we have engaged outside counsel to aggressively investigate these activities and take whatever steps that are appropriate to protect the Company and its shareholders.”
The Battle Against Illegal Short Sellers
It’s not just AUVI that’s gearing up to combat naked short sellers. Several other companies have also announced their intentions to investigate potential illegal short-selling. A couple worth noting are Helbiz (NASDAQ:HLBZ) joined Genius Group (NYSEMKT:GNS).
When these two companies announced plans to take on short sellers, both HLBZ and GNS stock took off. That’s why it’s not too surprising that shares of AUVI stock are rallying today alongside a similar announcement.
And with that comes heavy trading of AUVI stock with some 14 million shares on the move. To put that in perspective, the company’s daily average trading volume is only about 1 million shares.
AUVI stock is up 42.3% as of Friday morning.
Investors looking for all of the hottest stock market news today will want to keep reading!
We’ve got all of the latest stock news traders need to know about on Friday! A few examples include what’s happening with shares of Buzzfeed (NASDAQ:BZFD), GeneDx (NASDAQ:WGS), and ContraFect (NASDAQ:CFRX) stock. You can catch up on this news at the following links!
More Friday Stock Market News
- Why Is Buzzfeed (BZFD) Stock Up Today?
- Why Is GeneDx (WGS) Stock Down 8% Today?
- Why Is ContraFect (CFRX) Stock Down 23% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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