ONTARIO and LOS ANGELES, CA / ACCESSWIRE / February 9, 2023 / Focus Universal Inc. (NASDAQ:FCUV) ("Focus" or the "Company"), a provider of patented hardware and software design technologies for Internet of Things ("IoT") and 5G, has hired Shareholder Intelligence Services, LLC ("ShareIntel") to assist in our efforts to help identify and combat suspected illegal naked short selling activities and market manipulation. This is all part of a larger set of action plans and resolutions approved by the management and board to address what might be a pervasive pattern of illegal short selling of its stock.
"Based on the trading patterns of the stock we are concerned that our company may have been the target of illegal naked short selling of our stock and spreading false or misleading information, rigging our stock quotes for purpose of depressing of our stock price. We are committed to taking steps to investigate any wrongdoing," said Dr. Desheng Wang, CEO of Focus Universal, "and by utilizing ShareIntel's patented processes and proprietary analytics, we expect to leverage actionable intelligence to protect our shareholders."
This action plan may include pursuing potential legal actions together with other parties in the discovery and prosecution of persons engaging in market manipulation or illegal naked short selling.
The company has authorized the following actions:
- 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 shares. Focus Universal management believes it is in our long term shareholders' interest to continue to reward legitimate long term shareholders aligned with company goals.
- Investigating and pursuing any illegal market manipulation which may also include spreading negligently false or misleading information, such as blatantly false familial relationships within management and false auditor relationships to create shock value that will spread throughout social media. The company continues to hold that manipulation of stock through illegal activity should not be rewarded, and our legal team will investigate and take necessary actions.
- Advancing to the next stage of the legal process, and explore taking legal and regulatory action against anyone reasonably believed to be involved or suspected of being involved in any type of market manipulation relating to the Company's shares, including the exploration and steps toward joining the SEC Whistleblower Program.
Our Management believes that taking these actions will make the company's shares more difficult to manipulate in the future.
About ShareIntel, LLC
ShareIntel is an application service provider retained by public companies to obtain, aggregate, track and analyze shareholder trading information. ShareIntel will utilize its patented process called DRIL-Down™ to aggregate and analyze repository data from reporting entities, broker-dealers and shareholders, enabling Focus Universal Inc. to proactively track shareholder ownership, identify parties to suspicious, aberrant or unusual trading activity and deploy corrective action steps to help curtail such an illegal activity.
About Focus Universal:
Focus Universal Inc. (NASDAQ: FCUV) is a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G. The company has developed five disruptive patented technology platforms with 26 patents and patents pending in various phases and 8 trademarks pending in various phases to solve the major problems facing hardware and software design and production within the industry today. These technologies combined to have the potential to reduce costs, product development timelines and energy usage while increasing range, speed, efficiency, and security. Focus currently trades on the Nasdaq Global Markets and is in the Russell 2000 Index.
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the preliminary prospectus filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof and Focus Universal specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE: Focus Universal Inc.