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The Capital Market Authority (CMA) detected two Twitter accounts with usernames (@Nawafmsz) and (@Mnawafms), suspected of violating Article 49 of the Capital Market Law and Article 8 of the Market Conduct Regulations. Both accounts tweeted an opinion for the purpose of influencing the share prices of 18 companies listed on the Saudi Exchange (Tadawul).
These tweets were intended to influence the prices of some stocks. Therefore, the CMA board referred the holders of those accounts to the Public Prosecution to file a lawsuit against them, the market regulator said in a statement.
The decision was taken by the CMA after continuous monitoring and follow-up, and after receiving a number of complaints and reports,
The market regulator stressed that circulating false statements directly or indirectly about major events, or opinions to affect the price or value of securities, or engaging in manipulative practices is deemed a crime.
The General Secretariat of Committees for Resolution of Securities Disputes will announce the identities of convicted violators on its website when final decisions are taken by the Committees for Resolution of Securities Disputes regarding criminal cases.
Any person affected by these violations is entitled to file a compensation claim, after conviction, provided that such claim is preceded by a complaint filed to CMA.
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