Global Tech Industries Group, Inc. to Pursue Legal Action in Connection with Trading Activities in Company’s Shares
New York, NY, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that its board of directors has authorized management to move forward with appropriate legal action in connection with what it believes to be illegal trading activity in the Company’s shares.
As the Company previously disclosed, it has retained the legal teams of Christian Levine Law Group, LLC, (“Levine”) and Warshaw Burstein, LLP, (“Warshaw”), both of whom have specific expertise in stock fraud litigation, to handle the legal actions for the Company. The legal actions may be directed at broker-dealers, market makers and other relevant parties the Company believes have been engaged in illegal trading activities that have resulted in a significant number of unsettled trades involving the Company’s shares.
In particular, it appears that certain market makers have failed to post regular or continuous proprietary quotations that are at or near the market on both sides and that are communicated and represented such that they are widely accessible to investors and other broker-dealers. When market makers fail to meet this requirement, as well as other applicable requirements, it can bring into question whether they are engaging in “bona fide market making” and can avail themselves to any “locate” exemptions afforded to bona fide market makers when executing short sales.
Further, in a recent administrative proceeding between Alpine Securities Corporation (“Alpine”) and the National Securities Clearing Corporation (“NSCC”) before the U.S. Securities and Exchange Commission, it was disclosed that the NSCC imposed a “Backtesting Charge” against Alpine (which action was contested by Alpine) due to deficiencies in Alpine’s “Required Fund Deposit” with NSCC “. . . that were attributed to net short portfolios in several stocks, with the ‘top driver being a concentrated short position in GTII’”, which is, obviously, a cause of concern for the Company..
In the coming weeks, as Levine and Warshaw proceed with discovery on behalf of GTII, the Company’s board of directors has signaled that it will task management to look for ways to reward its shareholders for their loyalty during this unprecedented time. The Company will continue with its plan to uplist with Upstream (MERJ), executing its strategy to dual list alongside the OTCQB, putting itself in a position of strength in 2023, as it continues with its long-stated goal of enhancing value for its longtime shareholder base. About Global Tech Industries Group, Inc.: GTII is a publicly traded Company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies. Visit GTII here https://gtii-us.com/.
Please follow our Company at: www.otcmarkets.com/stock/GTII or at https://gtii-us.com/
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Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011