VERB Shareholder Update on Its Actions to Combat Illegal Naked Short Selling
April 19 2023 - 9:00AM
Verb Technology Company, Inc. (Nasdaq:
VERB) ("VERB" or the "Company"), the leader in interactive
video-based sales-enablement applications, including MARKET.live,
its livestream social shopping platform, today announces an update
for stockholders concerning the results of its investigation into
potential illicit trading activity in its shares, and those
responsible.
On January 23, 2023, the Company announced that it detected
unusual patterns in the trading of its shares, suggesting that
certain individuals and/or companies may have engaged in illegal
trading activities, including, among other things, naked short
selling and spoofing that may have artificially depressed VERB’s
stock price. On February 6, 2023, the Company announced that it had
engaged the services of forensic professionals with cutting-edge
proprietary technology to undertake a comprehensive investigation
and analysis of data derived from clearing firms, broker-dealers,
reporting entities, and other sources to provide actionable
intelligence.
“Today we announce that the investigation we have conducted over
the past several months has not only produced compelling evidence
of what appears to be illegal naked short selling of our shares,
but also the identities of the financial services firms at which
this activity appears to be taking place,” states Rory J. Cutaia,
VERB Chairman and CEO. “We have recently been in touch with
regulatory agencies that appear ready to assist us. To date 16
financial services firms have been notified. Our investigation will
be ongoing as we continue to monitor the trading activity in our
shares at these firms, as well identify any other individuals or
firms that display similar patterns of trading activity.”
“It is our intention to coordinate and cooperate with the
regulatory agencies that oversee this activity as well as with
other companies affected by this same conduct in order to share
intelligence, combine resources, and work together to hold those
responsible accountable for their actions.”
About VERB
Verb Technology Company, Inc. (Nasdaq: VERB), the market leader
in interactive video-based sales applications, transforms how
businesses attract and engage customers. The
Company’s MARKET.live platform is a multi-vendor,
multi-presenter, livestream social shopping destination at the
forefront of the convergence of ecommerce and entertainment, where
hundreds of retailers, brands, creators and influencers can
monetize their base of fans and followers across social media
channels. The Company’s Software-as-a-Service, or SaaS platform,
based on its proprietary interactive video technology, is comprised
of a suite of sales enablement business software products offered
on a subscription basis. Its software applications are used by
hundreds of thousands of people in over 100 countries and in more
than 48 languages. VERB’s clients include large sales-based
enterprises as well as small business sales teams, including the
sales and marketing departments of professional sports teams. With
approximately 75 full time employees, the Company is headquartered
in Lehi, Utah, and maintains offices in Newport Beach,
California.
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FORWARD-LOOKING STATEMENTSThis communication contains
"forward-looking statements" as that term is defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve risks and uncertainties and include, without
limitation, any statement that may predict, forecast, indicate or
imply future results, performance or achievements, and may contain
words such as "anticipate," "expect," "project," "plan," or words
or phrases with similar meaning. Forward-looking statements
contained in this press release relate to, among other things, the
Company's success in identifying illegal trading activity in its
stock and its efforts to address and eliminate such activity.
Forward-looking statements are based on current expectations,
forecasts and assumptions that involve risks and uncertainties. If
any of these risks or uncertainties materialize, or if any of our
assumptions prove incorrect, our actual results could differ
materially from the results expressed or implied by these
forward-looking statements. Investors are referred to our filings
with the Securities and Exchange Commission, including our Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q, for
additional information regarding the risks and uncertainties that
may cause actual results to differ materially from those expressed
in any forward-looking statement. All forward-looking statements in
this press release are based on information available to us as of
the date hereof, and we do not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were made,
except as required by law.
Investor Relations:investors@verb.tech
Media Contact:info@verb.tech
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