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MFIN.US
id: 986, Created by , Scout

Medallion Financial Corp. (MFIN), President-COO Charged by SEC Case

  • In December 2021, the SEC charged Medallion (MFIN) and its President and COO, “with illegally engaging in two schemes in an effort to reverse the company’s plummeting stock price”.
  • On it, $MFIN fell 27%, losing $53M+ of shareholder value.
  • Investors may have grounds to suspect that Medalion has ongoing business setbacks, which led to their losses.
On December 29, 2021, the SEC charged Medallion and its President and COO, Andrew Murstein, “with illegally engaging in two schemes in an effort to reverse the company’s plummeting stock price.” Specifically, they had “engaged in illegal touting by paying Ichabod’s Cranium and others to place positive stories about the company on various websites, including Huffington Post, Seeking Alpha, and TheStreet.com.”

On this news, $MFIN fell 27% and lost over $53 million of its market capitalization, seriously damaging shareholders.

Considering all the information, investors might have grounds to suspect that Medallion failed to timely disclose company’s business setbacks, which consequently led to their losses.

The case is already under investigation by at least one of the reputable law firms.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
29 December 2021
Collecting participants…

Medallion Financial Corp

Medallion Financial Corp., together with its subsidiaries, operates as a finance company in the United States. The company operates through four segments: Recreation Lending, Home Improvement Lendi...

    Ticker
    MFIN.US
    ISIN
    US5839281061
    CIK
    1000209
    Sector
    Financial Services
    Industry
    Credit Services
    Country
    USA
    Address
    437 Madison Avenue, New York, NY, United States, 10022