Tuesday, July 3, 2012
Have they manipulated the price of Solaria 3 hedge fund?
Several media have appeared the news that the sharp drop Solaria has had in recent weeks has been caused by a false rumor spread by 3 hedge fund.
In this version the 3 funds were short in Solaria. That is, they had sold shares on credit hoping the price would fall and be able to buy back those shares at lower prices, thus making a profit (legal and legitimate).
The problem is that the day Solaria presented its results for the year 2007, these turned out to be spectacularly good, making it very likely that the price go up significantly, instead of down as expected these 3 hedge fund. If the price had been a sharp rise in the 3 hedge fund would have had a heavy loss, having to repurchase the shares that had previously sold (no triples in his power) at much higher prices.
According to media that have published this news what did the hedge fund, rather than accept the loss, was spreading false rumors relating to recently published accounts were false and the company had serious financial problems.
From these means, the CNMV has requested an investigation to determine if these facts are true or not, and impose appropriate sanctions where appropriate.
In my opinion, the CNMV is for other things. This case should investigate the ordinary courts and the police or Civil Guard. Should be responsible for disseminating a false rumor that not only should return money to shareholders who have been affected by selling their shares, but pay very substantial compensation and, above all, go to jail. Because we are not talking about committing an irregularity, but to commit a crime.
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