Agreed it doesn't look good. Then again, a short seller suggesting scandal and looking to profit from the reduce share price this creates would be a textbook play by a short seller. What is unclear is whether Orca Blue got to close their short position or whether it is still open and how much truth (if any) there is behind various allegations they make.
With the share price movement over on the AIM listing there basically was no option but to suspend trading until there was some clarity or at least a response from Atlantic.
Interestingly the US market has traded 1.3m shares in PLL at between US53.35 and US60.69 so around US$75 to US$80m of trades. This volume of trades indicates significant professional investors being involved in the trades. At the time of writing, PLL was up. If Atlantic were toast as Blue Orca suggest, the cascading impacts on PLL supply chain and equity investment should have taken the share price down.
A11 Price at posting:
65.0¢ Sentiment: Buy Disclosure: Held
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