Malaysia SC alleges seven manipulated stock price
The Securities Commission has filed a civil enforcement action alleging the seven artificially boosted the share price of DVM Technology in 2006 for their own profit.
Malaysia’s securities regulator is taking seven individuals to court on charges that they manipulated the price of DVM Technology shares.
The Securities Commission alleges that the defendants traded in DVM Technology shares among themselves between March 14 and 21, 2006, causing the share price to rise from RM0.11 ($0.035) to RM0.32 on March 20.
Sixty-three million shares were traded on March 20, compared to 3.6 million the week before. The defendants’ actions created a false or…
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