Genius Group stock rallies more than 200% after it appoints former F.B.I. director to investigate alleged naked short selling

The stock of a Singapore-based ed-tech and education company called Genius Group Ltd. rallied more than 200% on Thursday, after it said it appointed a former F.B.I. director to

lead a task force investigating alleged illegal trading in its stock that it first disclosed in early January.  The stock was last up 264% to mark its biggest-ever one-day

percentage gain. Genius Group also said it would issue a special dividend to shareholders to help expose the wrongdoing and is considering a dual listing that would make

illegal naked short selling more difficult.  The task force will include Richard Berman, also a Genius Group Director and chair of the company’s Audit Committee, and

Roger Hamilton, the chief executive officer of Genius Group. “The company has been in communication with government regulatory authorities and is sharing information with

these authorities to assist them,” the company said in a statement. Genius Group said it has proof from Warshaw Burstein LLP and Christian Levine Law Group, with tracking

from Share Intel, that certain individual and/or companies sold but failed to deliver a “significant” amount of its shares as part of a scheme seeking to artificially depress the

stock price. It will now explore legal action and will hold an extraordinary general meeting in the coming weeks to get shareholder approval for its planned actions.

On the Genius website, Hamilton explains what the company, which went public in 2022, thinks happened.