FingerMotion (NASDAQ: FNGR), a mobile data and services company, has entered into a service agreement with ShareIntel-Shareholder Intelligence Services. The agreement outlines ShareIntel’s assistance in reviewing the trading history of FingerMotion’s common stock for the past two years as well as tracking trading of the stock moving forward; ShareIntel will assist the Christian Levine Law Group and Warshaw Burstein LLP, which have each already been retained by FingerMotion. According to the announcement, ShareIntel uses DRIL-Down(TM), a patented process that aggregates and analyzes repository data from reporting entities, broker-dealers and shareholders; the process will support FingerMotion in its efforts to proactively track shareholder ownership; identify parties to suspicious, aberrant or unusual trading activity; and deploy corrective action steps to help curtail such activity. FingerMotion may have been the target of a market manipulation scheme involving illegal naked short selling of its common stock over the last two years; the company has contracted with these three companies as it investigates and works to expose any wrongdoing. “It is obvious when our stock trades in multiples of the outstanding shares in a single day that the markets’ checks and balances failed,” said FingerMotion CEO Martin Shen in the press release. “Since we know that the trading in our stock was irregular, it is our duty to our shareholders to understand the magnitude of the issue, and we will leverage ShareIntel’s patented processes and proprietary analytics to find reporting anomalies among market makers, banks, broker-dealers and clearing firms. ShareIntel also has the ability to track share ownership and identify any suspicious, aberrant and or unusual trading activity, which supports our continuing commitment to protect our investors and maximize shareholder value. Based on the pedigree of our investigating firms, we believe they will be able to help prove whether or not our company is and or has been the subject and victim of illegal naked short selling.”
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About FingerMotion Inc.
FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. It is one of only a few companies in China with access to wholesale rechargeable minutes from China’s largest mobile phone providers to service their consumers. As the user base of its primary business continues to grow, the company is developing additional value-added technologies to market to its users. The vision of the company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the company to onboard larger customer bases. FingerMotion eventually hopes to serve more than 1 billion users in the China market and eventually expand the model to other regional markets. For more information about the company, please visit www.FingerMotion.com.
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