Shares of Hellbiz Inc. HLBZ soared 41.3% in midday trading Monday, and have more than doubled in two days, after the e-scooters and e-bicycles provider said it hired Shareholder Intelligence Services LLC (ShareIntel) to help it combat the alleged illegal short selling of its stock. ShareIntel is the same company used by Genius Group Ltd. GNUS to help investigate the illegal manipulation of its stock price through naked short selling. Genius Group’s stock, which rose 24.7% on Monday, has skyrocketed 648% in three days. “Based on the trading pattern of the stock we are concerned that our company may have been the target of a market manipulation scheme involving illegal short selling of our stock over the past year, and we are committed to investigating and exposing any wrongdoing,” said Hellbiz Chief Executive Salvatore Palella. “By leveraging ShareIntel’s patented processes and proprietary analytics, we will be able to find reporting anomalies among market makers, banks, broker-dealers and clearing firms.” Hellbiz’s stock, which has rocketed 142% in two sessions, has gained 4.7% over the past three months but has plummeted 92.8% over the past 12 months, while the S&P 500 has advanced 7.3% the past three months and lost 8.4% the past year.
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