Burford Loses 'Market Manipulation' Claim Against London Stock Exchange
The litigation funder claimed it had been the victim of "illegal market manipulation".
May 15, 2020 at 06:24 AM
3 minute read
Burford Capital has failed in its claim against the London Stock Exchange (LSE) that it had been the victim of market manipulation, after its share price plummeted last year.
Last August, the litigation funder's share price tumbled following what the firm referred to as a "short-selling attack" by U.S. research firm Muddy Waters. More than $1.2 billion was wiped off Burford's value, with shares dropping as low as 64%.
According to the judgment, Burford claimed that is was "strongly suspicious" that "actionable misconduct by way of market manipulation was responsible for the fall in the share price".
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