The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Medallion is the subject of a complaint filed by the SEC on December 29, 2021, before market hours. According to the complaint, the Company and two of its officers attempted to reverse its falling stock price by engaging in various schemes. The SEC alleges that the Company and certain executives violated various provisions of federal law including antifraud, books and records, internal controls, and anti-touting rules. Based on this news, shares of Medallion fell by more than 21% on the same day.
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