ShiftPixy Initiates Investigation of Suspicious Trading Activity in Its Stock Leveraging New Data and Legal Framework
18 Maio 2023 - 9:30AM
Business Wire
ShiftPixy, Inc. (Nasdaq: PIXY) (“ShiftPixy” or the “Company”), a
Miami-based national staffing enterprise which designs, manages,
and sells access to a disruptive, revolutionary platform that
facilitates employment in the rapidly growing Gig Economy, today
announced it has engaged a registered broker dealer to review PIXY
trading data and collaborate in filing FinCEN 314(b) suspicious
activity reports (“SAR”) on its behalf. Section 314(b) of the USA
Patriot Act provides financial institutions with the ability to
share information with one another, under a safe harbor that offers
protections from liability, in order to better identify and report
activities that may involve money laundering or terrorist
activities. Information sharing pursuant to Section 314(b) is
voluntary, and FinCEN strongly encourages financial institutions to
participate. The process can yield a number of useful outcomes:
- Shedding more light upon overall financial trails, especially
if they are complex and appear to be layered amongst numerous
financial institutions, entities, and jurisdictions.
- Alerting other participating financial institutions to trading
entities of whose suspicious activities they may not have been
previously aware.
- Facilitating the filing of more comprehensive SARs than would
otherwise be filed in the absence of 314(b) information
sharing.
Section 314(b) and its implementing regulations impose no
limitations on the sharing of personally identifiable information
under the Section 314(b) safe harbor when otherwise consistent with
Section 314(b) and its implementing regulations. Nor do Section
314(b) or its implementing regulations impose restrictions on the
type or medium of information that can be shared in reliance on the
Section 314(b) safe harbor, such as video surveillance footage or
cyber-related data such as IP addresses. Section 314(b) information
sharing can likewise be verbal as well as written. Financial
institutions and associations of financial institutions must
maintain adequate procedures to protect the security and
confidentiality of all information shared pursuant to Section
314(b) and only use such information for the purposes laid out in
Section 314(b) and its implementing regulations.
ShiftPixy’s CEO Scott Absher said, “I have been tracking naked
short selling patterns since we first listed. We are now seeing
algorithmic trading running wild as these trades appear to be run
through a black box that is out-of-compliance with Regulation SHO
and the Fair Market Making Requirement. We are able to track
trading activity in real time with Level ll data and DTC weekly
reporting, and can now track the registered market makers
conducting these trades, either as a proprietary transaction, on
behalf of a client, or via a sponsored or market access agreement.”
Mr. Absher went on to say, “We will be among the first to correlate
monthly market maker share volume, daily short volume and share
imbalance data within this legal framework strategy to identify and
uncover suspicious trading activity on which we can follow up with
appropriate legal action.”
About ShiftPixy
ShiftPixy is a disruptive human capital services enterprise,
revolutionizing employment in the Gig Economy by delivering a
next-gen platform for workforce management that helps businesses
with shift-based employees navigate regulatory mandates, minimize
administrative burdens and better connect with a ready-for-hire
workforce. With expertise rooted in management’s more than 25 years
of workers’ compensation and compliance programs experience,
ShiftPixy adds a needed layer for addressing compliance and
continued demands for equitable employment practices in the growing
Gig Economy.
Forward-Looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking
statements. These forward-looking statements include, among other
things, statements regarding the anticipated use of proceeds from
the private placement, the anticipated closing date of the private
placement and the anticipated filing and effectiveness date for a
registration statement related to the resale of the common shares
and common shares underlying warrants from the private placement.
Although such forward-looking statements are based upon what
management of the Company believes are reasonable assumptions,
there can be no assurance that forward-looking statements will
prove to be accurate. If any of the risks or uncertainties,
including those set forth below, materialize or if any of the
assumptions proves incorrect, the results of the Company, could
differ materially from the results expressed or implied by the
forward-looking statements we make. The risks and uncertainties
include, but are not limited to, risks associated with the nature
of the Company’s business model; the Company’s ability to execute
its vision and growth strategy; the Company’s ability to attract
and retain clients; the Company’s ability to assess and manage
risks; changes in the law that affect the Company’s business and
its ability to respond to such changes and incorporate them into
its business model, as necessary; the Company’s ability to insure
against and otherwise effectively manage risks that affect its
business; competition; reliance on third-party systems and
software; the Company’s ability to protect and maintain its
intellectual property; and general developments in the economy and
financial markets. These and other risks are discussed in the
Company’s filings with the SEC, including, without limitation, its
Annual Report on Form 10-K, and its periodic and current reports on
Form 10-Q and Form 8-K. The Company undertakes no obligation to
update forward-looking statements if circumstances or management's
estimates or opinions should change, except as required by
applicable securities laws. The information in this press release
shall not be deemed to be “filed” for the purpose of Section 18 of
the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section, and will not be deemed
an admission as to the materiality of any information that is
required to be disclosed solely by Regulation FD. Further
information on these and other factors that could affect the
financial results of the Company, is included in the filings we
make with the SEC from time to time. These documents are available
on the “SEC Filings” subsection of the “Investor Information”
section of the Company’s website at
https://ir.shiftpixy.com/financial-information/sec-filings, or
directly from the SEC’s website at https://www.sec.gov. Consistent
with the SEC’s April 2013 guidance on using social media outlets
like Facebook and Twitter to make corporate disclosures and
announce key information in compliance with Regulation FD, the
Company is alerting investors and other members of the general
public that the Company will provide updates on operations and
progress required to be disclosed under Regulation FD through its
social media on Facebook, Twitter, LinkedIn and YouTube. Investors,
potential investors, shareholders and individuals interested in the
Company are encouraged to keep informed by following us on
Facebook, Twitter, LinkedIn and YouTube.
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INVESTORS: InvestorRelations@shiftpixy.com
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