ASIC has formally confirmed they are launching a directed investigation into the trading activity regarding 88 Energy Ltd. This inquiry focuses specifically on the sell orders placed before the March announcement. We will monitor the progress of these findings to ensure full transparency for all shareholders.
June 16, 2022
Final supporters
April 5, 2022
Joseph Longo, CEO
Chair and Accountable Authority
Australian Securities & Investment Commission
Firstly, I would like to congratulate you on your well-deserved appointment as ASIC Chair.
I am writing to you on behalf of many investors (see attached petition) who recently encountered mass losses on the above-mentioned stock, 88 Energy Ltd. We understand the risk factors associated with stocks on the otcqb. However, in this particular instance there was a suspicious number of sell-offs days leading up to much anticipated results of 88 Energy ’s exploration findings. Typically, stock prices go north not south before results are announced. It calls to question, if information was leaked prior to the news hitting the global exchanges. It should also be noted, it is believed that the contractor hired by 88 Energy Ltd., was being paid (at least, in part with shares of the company). 88 Energy Ltd has not been transparent with its shareholders. We respectfully ask for an inquiry into possibility of insider trading. We furthermore, have questions concerning company affiliates who may have sold prior to the company press release on 29 March 2022.
We would appreciate your disclosure of the details of the sell trades in the few days leading up to the 29 March 2022 company press release.
Sincerely,
Updates
Reached 250 supporters
April 7, 2022
April 6, 2022
The growth of this petition has reached a level that necessitates immediate escalation. I am currently finalizing the formal submission of these records to the legal team at ASIC to ensure our request for an inquiry is prioritized.
Reached 100 supporters
April 6, 2022
134 Comments
As per OTC short volume report, short percentage for EEENF gone up from 26.05% on Friday, 25th March to 41.37% on Monday 28th March. I am not an expert but I thin a news leak may have caused the increase?
Full Disclosure coupled with Full Forensic Audit by an Independent Auditing Firm specializing in Insider Trading Investigations based in the United States is in order. This report should be publicly released to all shareholders in addition to submission to the SEC and other reporting agencies. RICO violations should be investigated as well.
We all should have had the chance to sell around $0.03 like the “insiders” who held the majority share. The “Top 20” list should be looked into carefully and the remaining shareholders reimbursed or be able to file a class action against 88 Energy.
Looks fishy not fair too regular share holders that trust the information released. Average share holders took a 70% loss all information showed they were on a huge discovery used 2D scan instead of 3D which would of confirmed there findings huge mistake.
It does seem strange that major shareholders dropped off the top 20 list in the week before the drill results.
This was very suspicious, plus some one and two shares being sold (at $.01 per share in an average market of tens of thousands of shares). Whole thing seems manipulative.
Was wrong what they did!
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ASIC has formally confirmed they are launching a directed investigation into the trading activity regarding 88 Energy Ltd. This inquiry focuses specifically on the sell orders placed before the March announcement. We will monitor the progress of these findings to ensure full transparency for all shareholders.
June 16, 2022
Final supporters
April 5, 2022
Joseph Longo, CEO
Chair and Accountable Authority
Australian Securities & Investment Commission
Firstly, I would like to congratulate you on your well-deserved appointment as ASIC Chair.
I am writing to you on behalf of many investors (see attached petition) who recently encountered mass losses on the above-mentioned stock, 88 Energy Ltd. We understand the risk factors associated with stocks on the otcqb. However, in this particular instance there was a suspicious number of sell-offs days leading up to much anticipated results of 88 Energy ’s exploration findings. Typically, stock prices go north not south before results are announced. It calls to question, if information was leaked prior to the news hitting the global exchanges. It should also be noted, it is believed that the contractor hired by 88 Energy Ltd., was being paid (at least, in part with shares of the company). 88 Energy Ltd has not been transparent with its shareholders. We respectfully ask for an inquiry into possibility of insider trading. We furthermore, have questions concerning company affiliates who may have sold prior to the company press release on 29 March 2022.
We would appreciate your disclosure of the details of the sell trades in the few days leading up to the 29 March 2022 company press release.
Sincerely,
Updates
Reached 250 supporters
April 7, 2022
April 6, 2022
The growth of this petition has reached a level that necessitates immediate escalation. I am currently finalizing the formal submission of these records to the legal team at ASIC to ensure our request for an inquiry is prioritized.
Reached 100 supporters
April 6, 2022
134 Comments
Received emails regularly on Sunday nights showing positive results and high expectations for a year and a half. Then boom- stock starts falling several days before negative results published. I lost 80% before market opened- 9k dollars
As per OTC short volume report, short percentage for EEENF gone up from 26.05% on Friday, 25th March to 41.37% on Monday 28th March. I am not an expert but I thin a news leak may have caused the increase?
Full Disclosure coupled with Full Forensic Audit by an Independent Auditing Firm specializing in Insider Trading Investigations based in the United States is in order. This report should be publicly released to all shareholders in addition to submission to the SEC and other reporting agencies. RICO violations should be investigated as well.
We all should have had the chance to sell around $0.03 like the “insiders” who held the majority share. The “Top 20” list should be looked into carefully and the remaining shareholders reimbursed or be able to file a class action against 88 Energy.
Looks fishy not fair too regular share holders that trust the information released. Average share holders took a 70% loss all information showed they were on a huge discovery used 2D scan instead of 3D which would of confirmed there findings huge mistake.
It does seem strange that major shareholders dropped off the top 20 list in the week before the drill results.
This was very suspicious, plus some one and two shares being sold (at $.01 per share in an average market of tens of thousands of shares). Whole thing seems manipulative.
Was wrong what they did!
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Received emails regularly on Sunday nights showing positive results and high expectations for a year and a half. Then boom- stock starts falling several days before negative results published. I lost 80% before market opened- 9k dollars