The stock market landscape is buzzing with reactions following a major development in billionaire Gautam Adani’s financial saga. India’s Supreme Court recently cast doubt on the credibility of a Hindenburg Research report against Adani, leading to a surge in shares of his 10 listed companies. The court’s skepticism, along with the SEBI’s ongoing investigation into allegations of stock manipulation, led to a surge in Adani’s shares, significantly boosting his net worth. This event underscores the profound impact that allegations from research firms, especially those potentially benefiting from short positions, can have on market economics. In a related move echoing these concerns, Knightscope, Inc. (NASDAQ:KSCP), Safety Shot, Inc. (NASDAQ:SHOT), FingerMotion, Inc. (NASDAQ:FNGR) and Mullen Automotive Inc. (NASDAQ:MULN) have all recently hired an attorney specializing in securities litigation to investigate activities impacting their stock performance and to address potential misconduct affecting retail investors.
Knightscope (NASDAQ:KSCP), a leading developer of autonomous security robots (ASRs) and emergency communication systems, announced Monday that it has officially engaged the services of attorney Mark R. Basile and his firm, The Basile Law Firm P.C., which specializes in securities litigation with a focus on preventing market abuses. The purpose is to thoroughly investigate recent activities impacting the company’s stock performance and to take necessary legal measures against any potential misconduct affecting retail investors. This includes a scrutiny of the research papers recently released by Capybara Research.
Basile brings a wealth of experience in combating dilution funding and market manipulation over the past eight years. Notably, in 2021, his firm achieved a groundbreaking decision against a toxic dilution funder, Adar Bays, establishing a precedent that has saved numerous public companies substantial financial losses. Since this pivotal decision, The Basile Law Firm has successfully contested several federal trial court judgments, leading to a significant decrease in lawsuits filed by dilution funders against public companies in the past 18 months.
“What we are working on at Knightscope is in the national security interests of the United States of America for all Americans and communities nationwide. We are pleased to welcome Mr. Basile to our legal team,” said William Santana Li, Chairman and CEO at Knightscope. “Our stock has been suffering for months, since the release of the Capybara Reports that contain misinformation designed to discredit our accomplishments and to paint a negative picture of the Company by a foreign research firm that has previously taken a short position in Knightscope. Mr. Basile understands how short and distort campaigns negatively affect retail shareholders and will be leading this and other litigation we may plan to protect the Company and its shareholders.”
Last week, Knightscope (NASDAQ:KSCP) bolstered its security offerings with the launch of its real-time, automated gunshot detection (AGD) systems designed for both indoor and outdoor use. The system offers versatile installation options, including the choice of solar power or light pole kits, and can be integrated into new or existing K1 Blue Light Towers.
Knightscope‘s AGD system is highly accurate in locating gunshots, pinpointing the shooter’s location within a two meter radius. This accuracy is vital in quickly directing police and security teams to the scene of an active shooter, which could save lives and make emergency responses more efficient. This system is part of a larger movement in security technology that focuses on fast and precise detection to make public areas safer. Once the AGD system detects a gunshot, notifications are delivered in under two seconds using a multi-sensor system that reduces false alarms and works well alongside other security tools.
Companies Combat Misconduct to Protect Shareholders
Safety Shot, Inc. (NASDAQ:SHOT) issued a warning to its shareholders regarding the dissemination of defamatory and inaccurate articles by disclosed short sellers. The malicious intent behind these articles is to instill fear in SHOT investors, prompting them to sell shares, allowing short sellers to cover their positions at lower costs. Notably, several groups engaged in such practices are currently facing federal lawsuits for similar actions against other companies. Safety Shot intends to initiate a similar lawsuit against individuals based in the Cayman Islands. CEO Brian S John encourages individuals to experience Safety Shot firsthand at corporate events or the company’s offices in Jupiter, Florida.
FingerMotion, Inc. (NASDAQ:FNGR), a mobile services and data company, provided a litigation update on its recent legal action against Capybara Research. On October 19, 2023, FingerMotion filed a federal lawsuit in the Southern District of New York against Capybara, an anonymously operated entity known for posting lewd graphics to embarrass the Company and its retail investors. Following thorough investigations, FingerMotion‘s legal team identified the individual responsible for the malicious content and is taking steps to include their name in the lawsuit. Additionally, FingerMotion is expanding the lawsuit to include Benzinga, a social media news outlet, for persistently republishing false reports, further impacting the Company’s retail investment community. These legal actions aim to address the harm caused by Capybara and Benzinga’s actions.
Emerging electric vehicle (EV) manufacturer Mullen Automotive Inc. (NASDAQ:MULN) is another company that recently hired Mark R. Basile, Esq. and his law firm to assist the company review its current fundings as well as to make recommendations in developing its floor plan for future fundings. According to Mullen CEO David Michery, the company is engaged in numerous strategic endeavors, emphasizing the importance of balancing expansion and financing to enhance genuine shareholder value. He expresses high regard for their active and vocal shareholder community, acknowledging their support, insights, and motivation. Michery affirms the company’s dedication to its shareholders as they progress into advanced stages of business, aiming to augment their core principles with a strong focus on shareholder value.
Over the last few months, Knightscope, Inc. (NASDAQ:KSCP) has signed several significant deals for its autonomous security robots (ASRs) and blue light emergency communication systems, securing a $1.25 million contract for 145 devices with Rutgers, The State University of New Jersey and initiating a pilot test of its K5 security robots in Manhattan’s subway stations in collaboration with the New York Police Department (NYPD) and the Metropolitan Transportation Authority (MTA).
Other notable clients Knightscope has added to its roster in recent months include Penn Entertainment for 43 of its gaming and racing properties nationwide, San Francisco Bay Area Rapid Transit (BART) and Port Authority of New York and New Jersey.
Featured Image @ Freepik
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