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PolarityTE notifies regulators of suspected market manipulation

PolarityTE Inc. has notified the Financial Industry Regulatory Authority of suspected illegal trading of the company's securities.

The Salt Lake City-based company said the documented trades were conducted by external entities and were "specifically orchestrated to coincide with the publication of speculative and misleading information about PolarityTE." The company is preparing detailed notifications of these activities for submission to Nasdaq and the Securities and Exchange Commission, according to an Oct. 9 press release.

Unusual block trades conducted Oct. 1-3 raised suspicion of intentional market manipulation and illegal trading activity, according to PolarityTE. The trades were directed at certain prices which were not representative of volume-weighted average price trading.

The company markets SkinTE which is used to repair, reconstruct, replace or supplement a patient's damaged or missing skin tissue.