Upexi files federal lawsuit over alleged stock split manipulation and 19% dilution
Upexi, a company listed on the NASDAQ under the ticker symbol UPXI, recently took a big step in addressing some concerning behavior surrounding their reverse stock split. They’ve filed a complaint in the U.S. District Court for Nevada to investigate and potentially take legal action against those involved in what they believe to be manipulative practices regarding their shares.
After the reverse stock split, Upexi saw a significant increase in the number of round-up shares requested by financial institutions, totaling 202,183 shares. This resulted in a shareholder dilution of over 19% and a whopping 40-fold increase in individual shareholders. These unusual events happened over a brief three-day trading period that fell between the announcement and implementation of the split.
It’s worth noting that Upexi isn’t the only company to experience this kind of suspected manipulation. Several other companies listed on the Nasdaq have also been affected by similar activities. By taking this legal action, Upexi is aiming to shed light on what happened during this tumultuous time and hold those responsible accountable for their actions.
