The Securities and Exchange Commission is investigating the listings of Slack Technologies Inc. and other major companies on the New York Stock Exchange, in a probe looking at how trading was handled on the first day, people familiar with the situation said.
SEC enforcement staff have recently sent letters including one seeking information from electronic-trading firm Citadel Securities LLC related to how it opened Slack’s stock for trading on June 20 in the workplace-messaging app’s so-called direct listing, the people said....
better question: what would the WeWork stock graph look like today had their IPO gone through? Will there be any investigation into what softbank had planned? when does fraud like this really start?
Basically it's a form of insider trading, key institutional accounts get inside access to shares as do VC holders, management + friends & family. The job of the underwriting syndicate is to juice the stock, goal's to short the issuance hence ^price multiple. Reality comes later.
Have em ck GE whistleblower that on CNBC shorted for profit the stock claimed “it’s deeper & worse than Enron” then walked away with millions in shorts profits! And ceo wework? Biggest hold up in our history! Masa knew& did nothing!
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