The stock market earthquake caused for days on Wall Street by the case GameStop it continues to leave aftershocks in world markets. The last one could have taken place in Spain, taking into account the behavior of the shares of Tubacex this Monday.
The company rose 15% during the session after a group of private investors organized in Telegram shared information about the company and encouraged joint buying action.
The spectacular rise began at the edge of 11 in the morning, when the titles jumped from 1.31 euros to 1.51 euros, although the rise has moderated during the afternoon until closing at 11.6 % and 1.48 euros.
This movement is one of many that are being registered around the world around small capitalization values by some investor profiles that seek to replicate the strategy of WallStreetBets foreros in the US. This group of individual investors encouraged the massive purchase of shares in the GameStop chain, whose financial situation is compromised, to prevent the large funds from taking advantage of their decline with their bearish positions.
The strategy has skyrocketed GameStop stocks more than 1,600% and caused multi-million dollar losses to the funds themselves. In addition, investors have targeted other companies also in decline, such as the chain of cinemas AMC or the phone manufacturer BlackBerry, which have also been accumulating vertigo rises for days.
In Spain, last week a group of investors tried to promote through Forocoches a similar maneuver on the actions of Prisa, although the forum itself stopped the attempt, and this Monday the target was Tubacex.
Sanctions
Faced with the possibility of replications of these strategies, the National Securities Market Commission (CNMV) warned last week that “if in Spain someone wanted to do something similar to what happened in the United States, only the attempt to place the value of a share in artificial values, rising or falling, would be constitutive of market manipulation “.
The possible penalties are high. According to EU regulation, “the mere attempt to place the value of a share at artificial levels, and of course even more so if it is successful, individually or in a coordinated way, be it up or down, would be constitutive of market manipulation”. Administrative sanctions for market manipulation are set out in article 302 TRLMV and in the case of the fine it can go up to 30,000,000 euros.
In vÃa penal, the crime of market manipulation (article 284 CP) is punishable by the penalty of prison from six months to six years, a fine of two to five years, or as much as triple the benefit obtained or favored, or the damages avoided, if the resulting amount is higher, and special disqualification to intervene in the financial market as an actor, agent or mediator or informant for a period of two to five years.
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