NEW YORK, April 16, 2018 /PRNewswire/ -- 6D Global Technologies, Inc. ("Company", "6D", stock symbol: SIXD) today announced the Company has filed with the Securities and Exchange Commission ("SEC") on Form 8-K disclosing the Company's wrongful delisting by the NASDAQ.
In the SEC filing, the Company also provided background information about Mr. Benjamin Wey's recently filed lawsuit and press release against fourteen NASDAQ defendants, charging them with fabricating nonexistent listing rules and lying to the FBI, DOJ and SEC. Below is what is contained in the Company's SEC Form 8-K:
On November 20, 2015, the NASDAQ Stock Market acted on fabricated NASDAQ Listing Qualifications Staff allegations, intentionally and wrongfully delisted 6D Global Technologies, Inc. NASDAQ's unjust delisting destroyed SIXD's market capitalization valued $800 million (stock symbol: SIXD), while the Company was prominently included in four of the coveted Russell 2000, 3000, Global, and Microcap Indexes. NASDAQ caused irreparable harm to the Company and devastated SIXD's thousands of public shareholders worldwide.
NASDAQ and its employees' willful tortious misconduct killed hundreds of American jobs, ruined a promising American technology company, and eviscerated the life savings of thousands of our public shareholders. The NASDAQ Listing Qualifications staff's false and vindictive allegations were completely made up to advance NASDAQ's own commercial interests, reflecting its ultimate hypocrisy when NASDAQ's own former Chairman, Bernie Madoff was a convicted felon, guilty of running the largest Ponzi scheme in the world.
For nearly eight years, NASDAQ has conducted a campaign to destroy the reputation of prominent Chinese American financier Mr. Benjamin Wey, an independent consultant to the Company who represented the Company's largest institutional shareholder NYGG (Asia). Their roles were properly disclosed to the NASDAQ as well as in the Company's SEC filings.
In NASDAQ's relentless prejudice against Benjamin Wey, the Company became NASDAQ's direct target and sacrificial lamb, a scheme aided and abetted by what appears to be the self-dealing of Adam Hartung, then a Company Director and Audit Chairman, despite an independent internal investigation completed by reputable law firm Blank Rome LLP that had cleared the Company of any wrongdoing, and the Company's presentation to the NASDAQ on February 26, 2016 (see the Form 8-K Exhibits).
Blank Rome LLP and its engaged global investigative firm Kroll Associates, Inc. produced an independent report that found no evidence to support NASDAQ staff's manufactured assertions as to the reasons it delisted 6D: (1) no evidence that 6D's current or former Board were unduly influenced by Mr. Wey, including 6D's Chairman and CEO, Tejune Kang; (2) no evidence of inflation of 6D's shareholder count to help 6D obtain a listing on NASDAQ; and (3) no evidence that Mr. Wey or any 6D affiliate manipulated 6D's stock price.
On April 9, 2018, Mr. Wey and NYG Capital, LLC sued the NASDAQ in The Supreme Court of The State of New York (Index No. 651684/2018) for Malicious Prosecution, Tortious Interference with Prospective Economic Advantage, and Tortious Interference with Contract (the "lawsuit"). The fourteen NASDAQ defendants are NASDAQ, Inc., The NASDAQ Stock Market LLC, CEO Adena Friedman, former CEO Robert Greifeld (Chairman of Virtu Financial Inc), NASDAQ General Counsel and Washington lobbyist Edward Knight, Chairman of the Corporate Governance Committee Michael Splinter, Michael Emen, Nelson Griggs, Arnold Golub, William Slattery, Alan Rowland, Keely Moxley, Robert McCooey Jr. and Andrew Hall.
Central to Mr. Wey's $250 million lawsuit against the NASDAQ defendants is their fabrication and lies to the FBI, SEC and DOJ about a nonexistent "300 round lot shareholder gifting prohibition" listing rule. NASDAQ had made up this rule and its purported violation to importune the government to bring misguided securities fraud charges against Mr. Wey in September 2015. On August 8, 2017, the federal government voluntarily dismissed all charges against Mr. Wey after a landmark, comprehensive federal court ruling condemning government misconduct in gross violation of Mr. Wey's constitutional rights, also reported by the Forbes magazine.
Significantly, Alan Rowland, NASDAQ Director of Listing Qualifications and a defendant in Mr. Wey's lawsuit cited the same nonexistent NASDAQ listing rule as a ground for delisting SIXD. For example, on November 20, 2015, Alan Rowland, directed by his co-defendants Arnold Golub and Edward Knight of the NASDAQ General Counsel's office, authored a NASDAQ delisting letter that specifically accused Mr. Wey of "gain[ing] listing on NASDAQ through the use of an artificially created shareholder base, much of which is still in place today, and manipulation of the stock price."
NASDAQ's manufactured claims directly contradicted the findings of Blank Rome's independent investigation and later multiple federal court rulings issued by several federal judges.
The wrongful NASDAQ delisting of SIXD attracted many spurious and opportunistic lawsuits against the Company and its officers, costing the Company millions of dollars in defending these frivolous claims. The Company has since defeated nearly all of them in court with a couple still pending.
In the NASDAQ Stock Market Listing Agreement entered between NASDAQ and the Company, it contains a subsection "Limitation of Liability" under "NASDAQ Warranties; Disclaimers of Warranties," where it states: "This subsection shall not relieve the Corporations [NASDAQ and its affiliates] from liability for damages that result from their own gross negligence or willful tortious misconduct, or from personal injury or wrongful death claims." The Company believes NASDAQ's wrongful delisting was indeed "willful tortious misconduct" against the Company and our thousands of public shareholders, as evidenced in the Company's further appeals to the SEC on April 28, 2017 and August 14, 2017.
The Company will continue to monitor Mr. Wey's lawsuit against the NASDAQ defendants and explore our own legal recourse. We encourage the public and our shareholders to do the same.
The Company can be reached via email: [email protected]
In the SEC 8-K filing, the Company provides as Exhibits documents that support the updates and statements contained herein.
SOURCE 6D Global Technologies, Inc.