"Since the two bank failures in March, some of our members have experienced significant short sales of their publicly traded equity securities that do not appear to reflect the issuers' financial status or general industry conditions," ABA's CEO Rob Nichols wrote.
betting against PacWest, Western Alliance and First Horizon, according to ORTEX data reported by Reuters. Each of the banks' shares fell around 40% on the day. "ABA is, however, unalterably opposed to short selling practices that distort the markets through manipulation and abuse," he said.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wachtell Lipton asks SEC to crack down on short selling of bank stocksA new sign of panic in the US banking industry: Law firm Wachtell Lipton calls on SEC to crack down on short selling of bank stocks.
Source: BusinessInsider - 🏆 729. / 51 Read more »