Federman & Sherwood Investigates Medallion Financial Corp. for Possible Violations of Federal Securities Laws

Rhea-AI Summary

Federman & Sherwood is investigating Medallion Financial Corp. (NASDAQ:MFIN) for potential violations of securities laws, following a complaint from the SEC on December 29, 2021. The SEC alleges that the company and its executives misled investors to manipulate the stock price, breaching antifraud and internal control laws. As a result of this news, Medallion's shares plummeted over 21% on the same day. Shareholders who incurred losses are encouraged to participate in the inquiry.

Positive

• None.

Negative

• SEC complaint filed against Medallion alleging stock price manipulation.
• Shares of Medallion fell by over 21% following the SEC announcement.

OKLAHOMA CITY--(BUSINESS WIRE)-- The law firm of Federman & Sherwood, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Medallion Financial Corp. ("Medallion" or "the Company") (NASDAQ:MFIN) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Medallion is the subject of a complaint filed by the SEC on December 29, 2021, before market hours. According to the complaint, the Company and two of its officers attempted to reverse its falling stock price by engaging in various schemes. The SEC alleges that the Company and certain executives violated various provisions of federal law including antifraud, books and records, internal controls, and anti-touting rules. Based on this news, shares of Medallion fell by more than 21% on the same day.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Tiffany Peintner of Federman & Sherwood at 405-235-1560 to discuss your rights free of charge. You can also reach us through the firm's website at www.federmanlaw.com, or by email at trp@federmanlaw.com.

The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

Federman & Sherwood represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220111005930/en/

Federman & Sherwood

Tiffany Peintner

405-235-1560

www.federmanlaw.com

Source: Federman & Sherwood

FAQ

What is the SEC complaint against Medallion Financial (MFIN)?

The SEC has filed a complaint alleging that Medallion Financial and its executives engaged in misleading practices to manipulate the company's stock price.

How much did Medallion Financial's stock fall after the SEC announcement?

Medallion Financial's shares fell by more than 21% on the day the SEC complaint was announced.

What should shareholders of Medallion Financial (MFIN) do if they suffered losses?

Shareholders who suffered losses are encouraged to participate in the investigation announced by Federman & Sherwood.

What are the main allegations against Medallion Financial in the SEC complaint?

The allegations include violations of antifraud laws, failure to maintain adequate internal controls, and misleading investors.