: Genius Group names ex-FBI official to head task force to investigate illegal trading of stock, to pay special dividened

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Genius Group Ltd GNS, -7.51%, an edtech and education group, said Thursday it has appointed Timothy Murphy to lead a task force investigating alleged illegal trading in its stock that it first disclosed in early January. Murphy is a director and former deputy director of the F.B.I. The task force will include Richard Berman, also a Genius Group Director and chair of the Company’s Audit Committee, and Roger Hamilton, the CEO of Genius Group. “The company has been in communication with government regulatory authorities and is sharing information with these authorities to assist them,” the company said in a statement. Genius Group said it also has proof from Warshaw Burstein LLP and Christian Levine Law Group, with tracking from ShareIntel, that certain individual and/or companies sold but failed to deliver a “significant” amount of its shares as part of a scheme seeking to artificially depress the stock price. It will now explore legal action and will issue a special dividend to all shareholders to help expose the wrongdoing. It is also exploring a dual listing in the future which could make illegal naked short selling more difficult. The company will hold an extraordinary general meeting in the coming weeks to get shareholder approval for its planned actions. The stock was not active premarket.

This article was originally published by Marketwatch.com. Read the original article here.

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