Posted:
Fri Jun 09, 2006 11:50 am Post subject: NYSE regulators probing Vonage short sellers: report
LONDON (MarketWatch) -- New York Stock Exchange regulators are probing whether short sellers have played a role in the steep stock price decline of Vonage Holdings Corp.,
The Wall Street Journal reported Friday, citing people familiar with the situation. The regulatory unit of the New York Stock Exchange sent a letter to Wall Street securities firms on Thursday asking questions about how the dealers may have facilitated short sales, according to someone who had a copy of the letter, the report stated.
The NYSE probe may be related to "naked short selling," or selling shares without having them available or knowing how they can be provided to the buyer when the transaction settles after a few days, the report stated.
The National Association of Securities Dealers last week initiated a look at other aspects of the Vonage IPO, according to people familiar with the deal, the report added.
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