Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAGUNA BEACH, CA-Less than a week after stating that its stock was being depressed by naked short selling, Senior Care Industries Inc. says it will join a class action lawsuit with at least six other OTC companies that claim to be the victims of the short-selling tactic.Bob Coberly, a senior care vice president, said in an announcement that would not name the specific market makers practicing naked short selling, but he said the company’s attorneys have notified the market makers to cease and desist.

Senior care issued its first announcement about the short-selling problem after a number of shareholders complained that they could not obtain share certificates from their brokers when they bought Senior Care stock.

Senior Care said that, because of the naked short selling, more shares of its stock were purchased than could possibly be available in the market.

Senior Care specializes in real estate developments for seniors, entitling land to develop both commercial and residential projects, including its recently announced Oasis Planned Urban Development project near Elko, Nev.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.