MMTLP Tried Squeezing the Shorts
Also Hunterbrook, Hess/Goldman and corporate country music.
One of the leading financial conspiracy theories of recent years is MMTLP. I am not sure I can explain the theory very clearly, because it is the nature of conspiracy theories to be sprawling and slippery, but the central idea is that short sellers ganged up on a public company, and stock exchanges and regulators took the side of the short sellers at the expense of ordinary shareholders.
Today the US Securities and Exchange Commission brought fraud charges against Meta Materials Inc., the public company whose preferred stock, MMTLP, is at the center of a conspiracy theory, and its former chief executive officers, John Brda and George Palikaras. (Meta settled the case for a $1 million fine; Brda and Palikaras will fight it.) Here is the story, as alleged in the SEC’s complaint against Brda and Palikaras.