By Tom Winnifrith | Monday 2 March 2020
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I contacted the FCA last week about what appears to be blatant market abuse, or possibly even securities fraud, at Dev Clever (DEV) and to its credit it has sent back a non standard reply indicating that it is taking the matter very seriously. As a reminder, Dev did a placing on December 20 2019 and its CEO sold £500,000 shares a month later only to admit in February that sales for the six months to 31 October 2019 were way below forecast. How can a software firm have not had any inkling of that before the placing and CEO share dump. It defies belief. The FCA writes:
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