Friday, April 15, 2011 9:51:27 AM
It seems with MGRN the MM NITE in particular is not making a market, but manipulating it.
It is unusual that with 100M+ buys consecutively on the ask on April 6th that NITE, who has been on best ask for the past two weeks did not up tick and when buying was exhausted the stock down ticked on a .50 cent whack. This type of trading has been occuring for two full weeks now.
The MGRN chart shows accumulation, high and increased money flow, green candles, all the while NITE remains on best ask manipulating the pps downwards.
Ask them to look into the trading as it seems this trading looks to be inappropriate and possibly illegal and definitely manipulating inappropriately? Below is the contact information. I urge all to send an email for the regulating body, FINRA, to confirm NITE is obiding by regulation set forth through their agency and the SEC. Are these short shares covered or going to be bought back or are they completely invisible and the manipulation can continue with no regard for us investors? If these short shares are naked, are they reported and watched by our regulating agency, FINRA, to make sure our trading is in an orderly market?
Patricia A. Clem
Assistant Director
Market Regulation
FINRA
9509 Key West Avenue
Rockville, MD 20850
(240) 386-5105
Pat.clem@finra.org
www.finra.org
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