Recent surges in the price of AMC Entertainment Holdings Inc (NYSE:AMC) and other ‘memestocks’ favoured by retail traders on the Reddit forum r/wallstreetbets have once again attracted the attention of US regulators.
On Monday, a spokesman for the Securities and Exchange Commission (SEC) told CNBC that the watchdog was continuing to “monitor the market in light of the ongoing volatility in certain stocks to determine if there have been any disruptions of the market, manipulative trading, or other misconduct”.
The statement also followed remarks made the same day by SEC chair Gary Gensler, who said in remarks at the CFO Network Summit that he had directed staff at the regulator to come up with recommendations to reform Rule 10b5-1, which governs rules around insider trading and market manipulation.
The move came following what Gensler described as “real cracks” in the insider trading rules as well as “loopholes” that allow certain actors to get around the current regime.
SEC attention was drawn back towards the memestocks yesterday after shares forming the BANG group of stocks saw another session of strong gains.
AMC ended Monday’s session 14.8% higher at US$55, while GameStop climbed 12.7% to US$280, BlackBerry jumped 13.8% to US$15.77 and Nokia rose 2.4% to US$5.61.
AMC has drawn particular attention due to the strength of its recent surge, with the stock having risen around 73% so far this month and by 2,636% in the year to date.
Story by ProactiveInvestors
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