Asia Broadband Initiates Legal Action Against Market Makers For Price Manipulation
LAS VEGAS, April 18, 2023 (GLOBE NEWSWIRE) — Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) announced today that the Company has initiated legal action against certain market makers for AABB shares on OTC Markets. The Company’s attorneys have delivered demand letters to market makers ordering them to cease and desist the practices of naked short selling and the other associated illegal and rule violation activities intended to manipulate the price of AABB stock. These demands are the first step in the legal process and the Company is prepared to file an immediate lawsuit for failure to comply to the cease and desist order. Furthemore, AABB is in the process of gathering historical trade data, such as short sale failures to borrow and deliver, to support its legal actions going forward.
This legal initiative by the Company has progressed significantly in recent months due to the many shareholder and public complaints received expressing that AABB’s share price has been subjected to long-term repression by false and deceptive trading practices on a daily and continuous basis. Similarly, other OTC Market issuers have already publicly exposed and legally challenged the pervasive and chronic market maker manipulation practices.
In regard to other legal matters, the Company is also pursuing defamation legal action against several parties for numerous false and malicious internet posts on various public platforms and websites. AABB management is determined to pursue and hold accountable the parties responsible for the misinformation and defamatory assaults and has hired private investigation services to reveal and confirm identities. Several years ago, the Company experienced similar defamation attacks on public platforms, which were resolved and the platform posts were permanently removed prior to legal action.
“We are excited to have now taken the first legal step to stop the price manipulation. It is management’s obligation to shareholders to do everything in our power to protect their investments in our Company’s shares. AABB’s price is not reflecting the true value attributed to the Company’s successes in recent years due to deceitful and profiteering market manipulation,” expressed Chris Torres, AABB President and CEO.
About Asia Broadband
Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Mexico to client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of AABB that differentiates the Company and creates distinctive value for shareholders. Additionally, the Company has added a digital assets business segment with its AABBG mine-to-token gold-backed cryptocurrency within its AABB Wallet, the unique Golden Baboons Mining Club non-fungible token collection, a proprietary digital exchange AABBExchange and a cryptocurrency payment gateway solution PayAABB.com. AABB expects its token to become a world-wide standard of exchange that is stable, secured and trusted with gold backing, while having the added benefit of demand based price appreciation. These are unique and outstanding qualities relative to other cryptocurrencies.
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Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.