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https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-256mr-asic-warns-of-social-media-led-pump-and-dump-campaigns/

21-256MR ASIC warns of social media led ‘pump and dump’ campaigns

ASIC has noted a concerning trend of social media posts being used to coordinate ‘pump and dump’ activity in listed stocks, which may amount to market manipulation in breach of the Corporations Act 2001.

‘Pump and dump’ activity occurs when a person buys shares in a company and starts an organised program to seek to increase (or ‘pump’) the share price. They do this by using social media and online forums to create a sense of excitement in a stock or spread false news about the company’s prospects. They then sell (or ‘dump’) their shares and take a profit, and other shareholders suffer as the share price falls.

ASIC has recently observed blatant attempts to pump share prices, using posts on social media to announce a target stock, a designated time to buy and a target price or percentage gain to be reached before dumping the shares. In some cases, posts on social media forums may mislead subscribers by suggesting the activity is legal.

If an investor decides to buy shares as part of one of these campaigns, they may become the victim. The people behind the campaign may start dumping their shares and taking profits before they reach the target price.

Market manipulation is illegal. It can attract a fine of over $1 million and up to 15 years imprisonment. ASIC takes breaches of the market manipulation provisions seriously.