NEW
YORK, April 10, 2023 /PRNewswire/ -- SMX
(Security Matters) plc (NASDAQ:SMX; SMXWW) announced today that its
executive management is continuing its review and analysis of the
recent trading history of its ordinary shares, to determine whether
the Company may be the target of a market manipulation scheme that
has adversely affected its share price.
In an attempt to preserve the value of its shareholders' equity,
SMX has formed an ad hoc International Legal Prosecuting Task Force
to begin a comprehensive investigation and analysis of possible
irregular past trading patterns and possible illegal market
manipulation of the Company's shares.
The Task Force is currently comprised of:
Arthur Cox of Ireland, Afik
Law of Israel, as well as
the recently retained Christian Levine Law Group and Warshaw Burstein, LLP, both of whom have
specific expertise in stock fraud and market manipulation cases.
During the past 22 years, these firms have successfully prosecuted
broker-dealers, market-makers, hedge funds, and asset-based lenders
who have engaged in market manipulation schemes.
SMX intends to investigate and, based on its findings, prosecute
any party that has caused the destruction of the market value of
its shares. The Company believes that forming the Task Force is the
first step in protecting our shareholders from unscrupulous market
manipulators that may be looking to profit from their unlawful
conduct. The Company is committed to taking all necessary
measures to protect its shareholders from bad actors and does not
intend to stop its efforts until it has achieved its objectives.
The Company thanks its shareholders for their ongoing support."
After its initial analysis and investigation, SMX may consider
further actions in line with what other publicly traded companies
have done to counter illegal trading. Some of these actions, which
the Company could consider after is full investigation into the
matter, may include one or more of the following or possibly other
actions:
- Advancing to the next stage of the legal process, and explore
legal action against anyone reasonably believed to be involved or
suspected of being involved in any type of market manipulation
relating to the Company's ordinary shares.
- Issuing a special dividend to all shareholders, which
management believes may help to expose those who may have
participated in market manipulation relating to the Company's
ordinary shares.
- Exploring the possibility of a dual listing of SMX ordinary
shares, in the future, which management believes could make market
manipulation by illegal naked short selling more difficult.
About SMX
As global businesses faces new and complex challenges relating
to carbon neutrality and meeting new governmental and regional
regulations and standards, SMX is able to offer players along
the value chain access to its marking, tracking, measuring and
digital platform technology to transition more successfully to a
low-carbon economy.
Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to, statements regarding expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
"anticipate," "believe," "contemplate," "continue," "could,"
"estimate," "expect," "forecast," "intends," "may," "will,"
"might," "plan," "possible," "potential," "predict," "project,"
"should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements in this press release may include, for example: matters
relating to the Company's fight against abusive and possibly
illegal trading tactics against the Company's stock; successful
launch and implementation of SMX's joint projects with
manufacturers and other supply chain participants of steel, rubber
and other materials; changes in SMX's strategy, future operations,
financial position, estimated revenues and losses, projected costs,
prospects and plans; SMX's ability to develop and launch new
products and services; SMX's ability to successfully and
efficiently integrate future expansion plans and opportunities;
SMX's ability to grow its business in a cost-effective manner;
SMX's product development timeline and estimated research and
development costs; the implementation, market acceptance and
success of SMX's business model; developments and projections
relating to SMX's competitors and industry; and SMX's approach and
goals with respect to technology. These forward-looking statements
are based on information available as of the date of this press
release, and current expectations, forecasts and assumptions, and
involve a number of judgments, risks and uncertainties.
Accordingly, forward-looking statements should not be relied upon
as representing views as of any subsequent date, and no obligation
is undertaken to update forward-looking statements to reflect
events or circumstances after the date they were made, whether as a
result of new information, future events or otherwise, except as
may be required under applicable securities laws. As a result of a
number of known and unknown risks and uncertainties, actual results
or performance may be materially different from those expressed or
implied by these forward-looking statements. Some factors that
could cause actual results to differ include: the ability to
maintain the listing of the Company's shares on Nasdaq; changes in
applicable laws or regulations; the effects of the COVID-19
pandemic on SMX's business; the ability to implement business
plans, forecasts, and other expectations, and identify and realize
additional opportunities; the risk of downturns and the possibility
of rapid change in the highly competitive industry in which SMX
operates; the risk that SMX and its current and future
collaborators are unable to successfully develop and commercialize
SMX's products or services, or experience significant delays in
doing so; the risk that the Company may never achieve or sustain
profitability; the risk that the Company will need to raise
additional capital to execute its business plan, which may not be
available on acceptable terms or at all; the risk that the Company
experiences difficulties in managing its growth and expanding
operations; the risk that third-party suppliers and manufacturers
are not able to fully and timely meet their obligations; the risk
that SMX is unable to secure or protect its intellectual property;
the possibility that SMX may be adversely affected by other
economic, business, and/or competitive factors; and other risks and
uncertainties described in SMX's filings from time to time with the
Securities and Exchange Commission.
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