Bit Brother's Retained a former SEC Enforcement Attorney to Further Explore Counteractions Against the Suspected Illegal Shorting

Rhea-AI Summary

Bit Brother Limited (BTB) based in Changsha, China, has engaged attorney Mark David Hunter to assist in addressing potential violations related to naked short selling of its stock. Mr. Hunter, a former attorney at the U.S. Securities and Exchange Commission, will lead efforts in investigating these practices through the Commission's Whistleblower Program. This engagement aims to help the company curb illegal short selling and enhance its compliance strategies. Bit Brother continues its operations in cryptocurrency mining and specialty tea distribution, promising further updates on its initiatives against illegal stock practices.

Positive

• Engagement of Mark David Hunter, a former SEC attorney, may enhance efforts to combat suspected illegal short selling.
• Increased focus on regulatory compliance and investigation could improve investor confidence.

Negative

• None.

CHANGSHA, China, Jan. 30, 2023 /PRNewswire/ -- Bit Brother Limited ("Bit Brother", "BTB", "We" or the "Company") (NASDAQ: BTB) announced the Special Task Force of the Company engaged Mark David Hunter, Esq in connection with referral to the U.S. Securities and Exchange Commission ("Commission") through its Whistleblower Program of potential violations of the laws by entities and individuals engaged in the naked short selling of BTB's stock. Mr. Hunter will be the lead partner in this matter. He plans to attend the next livestream BTB hosts on YouTube discussing naked short selling, subject to more information announced through BTB's official Twitter @BitBrotherLtd.

Mark David Hunter, Esq served as an attorney in the Enforcement Department of the Commission where he investigated and prosecuted violations of the federal securities laws, rules, and regulations. While serving at the Commission, Mr. Hunter also provided securities expertise and coordinated matters with federal criminal prosecutors, as well as state securities regulators and self-regulatory organizations.

Mr. Hunter is an AV Preeminent (the highest peer ranking by Martindale-Hubbell) rated attorney. He is professional in Regulatory Enforcement and Investigations, White Collar Defense, Securities Litigation/Arbitration, Commercial Litigation/Arbitration, and Governmental Investigations. He also serves on the NASDAQ's Listings Qualifications Panel (by appointment from the NASDAQ's Board of Directors) where he hears appeals by NASDAQ-listed companies regarding issues of listing or delisting, and renders final decisions on whether a company's security shall continue to be listed on the NASDAQ Stock Market.

The Special Task Force of BTB are confident that the engagement of Mr. Hunter and his team will benefit the company's further efforts to investigate and curb the suspected illegal shorting. Bit Brother will provide further update related to its efforts.

About Bit Brother Limited

Bit Brother Limited (formerly known as Urban Tea, Inc.) was incorporated in the British Virgin Islands as a company with limited liability on November 28, 2011. Our business currently consists of cryptocurrency mining in North America and the distribution and retail of specialty tea products.  For more information, please visit: www.bitbrother.com.

Forward-Looking Statements Disclaimer 

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

 

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SOURCE Bit Brother Limited

FAQ

What actions is Bit Brother (BTB) taking against illegal short selling?

Bit Brother has engaged attorney Mark David Hunter to investigate potential violations of the laws related to naked short selling through the SEC's Whistleblower Program.

Who is leading Bit Brother's efforts against suspected illegal short selling?

Mark David Hunter, a former attorney with the SEC, is leading the initiative.

When did Bit Brother announce its engagement of Mark David Hunter?

Bit Brother announced the engagement on January 30, 2023.

What is Bit Brother Limited's primary business focus?

Bit Brother primarily focuses on cryptocurrency mining in North America and the distribution of specialty tea products.