Calata Corporation: SEC Clears Calata on Alleged Probe

Early this year, the Calata Corporation reached a market cap of 4 billion pesos with their astounding shares that reached 24 pesos per share. However, within the trade, the shares fluctuated which caused the allegations of a stock manipulation in the company.

Joseph Calata was firm all throughout the allegations claiming that his company was not involved with the accusation as their shares, when they reach the shareholders, are already beyond their control. They (the board), in fact, were the ones who called the Securities and Exchange Commission (SEC) to look into the weird movements of the shares.

Recently, SEC ended its probe of the alleged stock price manipulation saying that the Calata Corporation is cleared from any involvement in the allegations. The SEC has reportedly imposed fines on several stock brokers which it found to have been responsible for the unusual price movements.

The SEC probe proved that our decision to seek the help of the regulators was both wise and right.
- Says Calata in an interview.

SEC also cleared that it wasn’t the Corporation itself which was under investigation, but the traders.

SEC also cleared that it wasn’t the Corporation itself which was under investigation, but the traders.

With the issue against the corporation "put to rest," the firm can now focus on their expansion program where they plan to increase the number of its outlets to about 250 using the proceeds from the initial public offering. With this expansion, more farmers and agricultural sector entrepreneurs can expect to have access to the more products and technologies.