AMC ENTERTAINMENT HOLDINGS, INC.

(AMC)
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Delayed Nyse  -  04:00 2022-07-01 pm EDT
13.53 USD   -0.15%
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SEC Alleges TradeZero Deceived Customers on January 2021 Meme Stock Restrictions

05/24/2022 | 01:49pm EDT

By Josh Beckerman


The Securities and Exchange Commission alleges that TradeZero America Inc. and co-founder Daniel Pipitone deceived customers about restricting meme stock purchases in January 2021.

Trading platform TradeZero and Mr. Pipitone agreed to a cease-and-desist order, without admitting or denying the charges, the SEC said. The order includes penalties of $100,000 for TradeZero and $25,000 for Mr. Pipitone.

In October, TradeZero said it would combine with blank-check company Dune Acquisition Corp., but Dune said May 3 that it determined the deal "is not advisable or fair to, or in the best interest of, Dune and its stockholders" and called for Dune stockholders to vote against the transaction.

The SEC order said that on Jan. 28, 2021, "TradeZero's clearing broker instructed all of its introducing brokers, including TradeZero, to halt all purchases in GME, AMC, and KOSS."

"TradeZero refused to implement this instruction for over two hours, allowing its customers to freely trade. Under increasing pressure from the clearing broker," TradeZero's board decided to implement the restriction, the order said. "TradeZero ultimately halted purchases for about 10 minutes," according to an SEC press release.

According to the order, Mr Pipitone said on Reddit "that some trading firms are blocking these symbols is disgusting, unprecedented" and didn't disclose that TradeZero also blocked three symbols. The order also mentioned a Jan. 29, 2021, TradeZero press release "promoting its resistance to the clearing broker's restrictions."


Write to Josh Beckerman at josh.beckerman@wsj.com


(END) Dow Jones Newswires

05-24-22 1549ET

Stocks mentioned in the article
ChangeLast1st jan.
AMC ENTERTAINMENT HOLDINGS, INC. -0.15% 13.53 Delayed Quote.-50.26%
DUNE ACQUISITION CORPORATION 1.05% 9.9255 Delayed Quote.0.26%
GAMESTOP CORP. 0.92% 123.42 Delayed Quote.-16.83%
KOSS CORPORATION -3.60% 6.7 Delayed Quote.-34.93%
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Financials (USD)
Sales 2022 4 401 M - -
Net income 2022 -569 M - -
Net Debt 2022 4 582 M - -
P/E ratio 2022 -11,8x
Yield 2022 -
Capitalization 6 993 M 6 993 M -
EV / Sales 2022 2,63x
EV / Sales 2023 2,24x
Nbr of Employees 17 122
Free-Float 99,8%
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Consensus
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Mean consensus UNDERPERFORM
Number of Analysts 8
Last Close Price 13,53 $
Average target price 4,93 $
Spread / Average Target -63,6%
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Managers and Directors
Adam M. Aron Chairman, President & Chief Executive Officer
Sean David Goodman Chief Financial Officer & Executive VP
Derrick Leggett Senior Vice President-Information Technology
Daniel E. Ellis EVP, Chief Operations & Development Officer
Anthony J. Saich Independent Director
Sector and Competitors