'Kazakh Fintech Freedom Holding Is Being Investigated By DOJ, SEC, Documents Show' - CNBC
Portfolio Pulse from Benzinga Newsdesk
Freedom Holding, a Nasdaq-listed Kazakh financial firm, is under investigation by the Justice Department and the Securities and Exchange Commission (SEC) over compliance issues, insider stock moves, and an offshore affiliate tied to sanctioned individuals. The company, with a $5 billion market cap, is controlled by billionaire CEO Timur Turlov. The SEC has been probing Freedom for months, and the U.S. Attorney's Office for Massachusetts is also making preliminary inquiries. The company's stock initially dropped after a critical report from a short seller but has since gained about 22%.
October 06, 2023 | 1:06 pm
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NEUTRAL IMPACT
Freedom Holding is under investigation by the DOJ and SEC. Despite this, the company's stock has gained about 22% after initially dropping due to a critical report from a short seller.
The ongoing investigations by the DOJ and SEC could potentially harm the company's reputation and investor confidence. However, the stock has shown resilience, gaining about 22% after initially dropping due to a critical report from a short seller. This suggests that investors may be discounting the potential risks associated with the investigations.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100