Small cap news from ShareCast

XG calls in City sleuths over share price manipulation

Florida-based XG Technology has asked the authorities to investigate suspected short-sellers it says may have been manipulating its share price.
The company has long held suspicions that potential short sellers in Europe were intentionally libelling the business by spreading false rumours about it and its directors.

"XG has already experienced individuals trying to hurt the company to serve their own financial interests, and they are being pursued in separate legal matters," said chairman and chief executive Richard Mooers.

"It is now under investigation whether these additional attacks are indeed linked to those legal cases."

XG's Flash Signal technology reduces the battery power and costs needed to send and receive data by using free low frequency radio waves.

Its share price has slumped from over 0.8 cents to less than 0.3 cents in under six months during which time it has raised $6.6m.

"The decline in stock at a time of important technical milestones and a strengthened balance sheet just did not compute," said Mooers.

Last Thursday, Swede Victor Sunö, a former asset manager and employee at Swiss-registered securities dealer ACH Securities, was "removed" as a non-executive director with immediate effect.

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