Petroleum Africa
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Thursday, December 3, 2015
Hydrocarb Energy Corp. retained the law firm of Christian Smith & Jewell to help investigate allegations of illegal naked short selling of the company’s stock. Christian Smith & Jewell has represented a number of leading publicly traded companies in their bids to combat illegal naked short selling, including Overstock.com and Taser International both of which alleged illegal activity which resulted in settlement. Such activity is similar to what Hydrocarb’s management expects will be found also. The firm has also been featured in a variety of media outlets including Bloomberg Television, in the film Stock Shock and a documentary film, The Wall Street Conspiracy.
“We have an obligation to our shareholders to ensure that our market trades efficiently and with integrity, as well as to ensure that there is no illegal activity with regard to our stock,” said the company’s CEO Kent Watts. “To this end, we have been concerned about illegal naked short selling for some time and believe that working with Wes Christian and his firm may provide a solution that will eliminate any securities fraud in our stock, which, in turn, we believe will ensure a free market for our stock with no illegal manipulation.”
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