Issue Date: IR Alert - July 23, 2009
Investor Group Rallies for SEC Reform: Satellite Radio Investors Protest Short-Selling Regulation By Backing New Film
"Stock Shock—The Movie" is sending shock waves through the offices of the Securities and Exchange Commission as regulators receive DVD copies in the mail. Disillusioned Sirius XM investors have embraced the movie that tells their story and now are sending their new and used copies directly to the SEC. In addition to telling the general history of Sirius XM satellite radio, the movie lays out a compelling case that the stock of this company has been heavily and illegally manipulated, both through naked shorting and also through more standard manipulation tactics.
One investor writes, "I enclose with this letter a DVD copy of the movie ‘Stock Shock.' It is the failure of the SEC to so much as ask the right questions that has ruined its reputation among American investors. The idea that independent movie makers have to produce a feature length movie about stock price manipulation to bring public attention to this issue is pathetic."
"Stock Shock" zeroes in on one of the most shorted stocks on the Nasdaq — Sirius XM, which hit a high of $9.00/share and then plummeted to a horrifying low of .05 (cents) in 2009, leaving an estimated one million Sirius XM investors with their dreams shattered and their bank accounts emptied. Now fans of the movie are taking matters into their own hands as they share information and addresses on the Yahoo finance boards and join forces to change the way short-selling is regulated.
Antony Richard Petrilla, Division of Enforcement at the SEC, confirmed the offices have received copies of "Stock Shock" and the SEC public affairs office has been in communication with the film's director, Sandra Mohr. Time will tell if the efforts can generate a new regulatory approach.
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