On December 29, 2021, before the market opened, the U.S. Securities and Exchange Commission (“SEC”), filed a complaint alleging the Company and two of its corporate officers engaged in schemes in attempts to reverse the Company’s declining stock price. Charges in the complaint include violating antifraud, books and records, internal controls, and anti-touting provisions of federal securities laws amongst others.
On this news, Medallion’s stock price fell sharply during intraday trading on December 29, 2021.
