Pineapple Energy Retains Shareholder Intelligence Services, LLC to Investigate Potential Purposeful Shorting
Rhea-AI Summary
Pineapple Energy is investigating potential deliberate short selling of its stock.
The company has engaged Shareholder Intelligence Services (ShareIntel) for this purpose.
ShareIntel will provide detailed shareholder data, analyze trading patterns, and identify anomalies suggesting illegal naked short selling through its DRIL-Down™ platform.
This investigation aims to ensure fairness in trading and compliance with SEC and FINRA regulations.
Interim CEO Scott Maskin emphasizes the importance of maximizing shareholder benefits and mitigating illegal trading activities.
Positive
- Engagement with ShareIntel can improve market compliance and fairness.
- Investigation may identify and mitigate illegal trading activities.
- Ensuring shareholder benefit through better trading pattern analysis.
Negative
- The necessity of an investigation suggests potential existing trading irregularities.
- Costs associated with retaining ShareIntel might impact financials.
- Market perception of the investigation could temporarily affect stock value.
News Market Reaction
On the day this news was published, PEGY declined 19.61%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Pineapple Energy Engaged With Firm Known For Helping To Ensure Fairness In Free Trading Markets
MINNETONKA, Minn., June 10, 2024 (GLOBE NEWSWIRE) -- Pineapple Energy Inc. (“Pineapple”), a leading provider of sustainable solar energy and backup power to households and small businesses, is announcing that is investigating potential purposeful short selling of its stock, and has retained well-known analytics firm, Shareholder Intelligence Services, LLC ("ShareIntel").
ShareIntel's investigation will provide relevant shareholder data, including that related to share ownership, purchases, sales and custody by individuals, institutions, broker-dealers, clearing agents and custodians.
In addition, other information related to the Company's public shareholders and market activity with respect to sales of Pineapple’s publicly traded common stock will also be provided, helping Pineapple’s executive leadership ensure that the company’s trading activity achieves the necessary benchmarks for SEC and FINRA market compliance.
According to ShareIntel, they leverage patented processes and proprietary analytics to support identification of reporting anomalies among market makers, banks, broker-dealers and clearing firms. The ShareIntel DRIL-Down™ platform identifies markers of potential illegal naked short selling. Armed with actionable intelligence, ShareIntel assists public companies in their effort to help enable true price discovery.
“Every shareholder should receive the maximum benefit of their ownership stake in Pineapple Energy,” interim CEO Scott Maskin said. “With ShareIntel, we will have the necessary tools to analyze trading patterns and trends and mitigate illegal trading activity related to PEGY shares.”
About Pineapple Energy
Pineapple is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation Energy, Hawaii Energy Connection, E-Gear, Sungevity, and Horizon Solar Power) provide those within the Residential and Commercial sectors an end-to-end product offering spanning solar, battery storage, and grid services.
About ShareIntel - Shareholder Intelligence Services, LLC
ShareIntel is a patented compliance driven SAAS retained by public companies to track shareholder ownership and monitor broker-dealer and shareholder movement. DRIL-Down™ identifies participants to potential abusive and illegal short selling providing actionable intelligence. For more information, visit www.shareintel.com
| Contacts: | |
| Scott Maskin Interim Chief Executive Officer +1 (631) 823-7131 smaskin@sunation.com Pineapple Investor Relations +1 (952) 996-1674 IR@pineappleenergy.com | |
FAQ
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