Germany probes emails pushing ASMALLWORLD stock, shares plunge (updated)
26/04/2018 15:26
(Adds CEO comment, updates shares)
ZURICH, April 26 (Reuters) - German financial watchdog BaFin
warned investors on Thursday about emails recommending the
purchase of shares in Swiss social network operator ASMALLWORLD
ASWN.S , saying they may contain misleading information or
conceal conflicts of interests.
Chief Executive Jan Leuscher said his company had nothing to
do with the emails in question, which it also found misleading
and had tried in vain to stop.
"I would like to stress that these activities are
unconnected with ASMALLWORLD. We neither ordered nor supported
these buy recommendations," he wrote in an email.
Shares in Switzerland, which made their debut in March at
12.40 Swiss francs, were last down 43.9 percent at 12.40 francs.
BaFin said it had started an investigation into suspicion of
market manipulation of the shares, which are listed in Germany
as well as Switzerland. "At the Frankfurt am Main trading venue
(including Xetra), price determination was suspended until
further notice with effect from 3 April 2018," it said.
The Swiss company has been dubbed the "Myspace for
millionaires" or "Facebook for rich kids". urn:newsml:reuters.com:*:nZ8N1P402E
(Reporting by Michael Shields, editing by John Revill and
Brenna Hughes Neghaiwi)
((Michael.Shields@thomsonreuters.com; +41 58 306 7461; Reuters
Messaging: michael.shields.thomsonreuters.com@reuters.net))