(RTTNews) - RedHill Biopharma Ltd. (RDHL), a specialty biopharmaceutical company, announced Tuesday that it is seeking regulatory review by the Securities and Exchange Commission regarding suspicious trading activity including potential naked short selling of its stock.
The company also intends to approach the Financial Industry Regulatory Authority, Inc. or FINRA regarding the same.
RedHill said it engaged with a securities law expert and a forensic investigation firm specializing in trading irregularities and market integrity analysis. The resulting analysis identified trading patterns indicating potentially illegal conduct which warrant scrutiny by the regulatory authorities.
Citing concerns that its shareholders are harmed by various manipulative trading practices, the company vowed to take all appropriate actions to stop further market abuse.
The company added that it will support any resulting regulatory investigation.
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