Before the market opened on December 29, 2021, the U.S. Securities and Exchange Commission (“SEC”), filed a complaint alleging the taxicab medallion financing company and two of its corporate officers engaged in two 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.
Shares of Medallion Financial stock fell more than 50% in premarket and intraday trading on December 29, 2021.
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