Markets deserve transparency. Investors deserve evidence.
MARKET TRANSPARENCY THROUGH EVIDENCE
NakedShortStop™ is an independent financial research publication dedicated to documenting naked short selling, settlement failures, market structure, securities regulation, and market manipulation through publicly available evidence. Our mission is to organize SEC filings, FINRA data, court records, trading statistics, academic research, and other primary sources into clear, accessible investigations that help investors understand complex market issues.
📰 In the News
🚨 LUNAI EXPANDS NAKED SHORT SELLING SUIT – SIX BROKER-DEALERS NAMED
Second Amended Complaint alleges millions of short sales amid significant discrepancies between short-sale activity and documented locate availability.
August 27, 2026
Lunai Bioworks has significantly expanded its federal market-manipulation lawsuit, adding six registered broker-dealers and two broker-dealer principals. The 182-page complaint alleges detailed discrepancies between short-sale activity and documented share locates, including millions of shares sold short on dates when locate requests were allegedly refused or unavailable.
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NEXT BRIDGE SAYS SEC AND FINRA HAVE NOT RESPONDED TO REQUESTS TO PRESENT SHARE EVIDENCE
Company says it sought direct meetings with federal securities regulators regarding what it believes is evidence of unauthorized Next Bridge shares created by U.S. broker-dealers.
August 25, 2026
Next Bridge Hydrocarbons says Chairman and CEO Greg McCabe sought meetings with both the SEC and FINRA to present what the company describes as evidence of unauthorized shares created by U.S. broker-dealers. According to the company, neither outreach has resulted in a response or meeting.
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.🎯 NEW SPECIAL REPORT: THE $0.25 TARGET
NYSE American’s new $0.25 delisting threshold is intended to protect investors from manipulation. Could the threshold itself create a new target for it?
August 25, 2026
Beginning July 1, 2027, a single closing price below $0.25 can trigger immediate suspension and commencement of delisting proceedings. NakedShortStop’s new Active Special Report examines the rule, the evidence considered by the SEC, and warnings raised during the public comment process.
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🔎CITADEL PUSHES BACK AS SEC MOVES TO SCRAP KEY STOCK-MARKET RULE
SEC proposal would eliminate the 20-year-old Order Protection Rule as critics warn of weaker price protection and reduced transparency for retail investors.
August 21, 2026
The Securities and Exchange Commission is proposing to eliminate one of the central protections built into the modern U.S. stock market.
And one of the firms warning against the move is Citadel Securities.
🔎 THE DISAPPEARING SHORTS
FINRA identified a gap in short-interest reporting. Then it withdrew the rule.
July 30, 2026
In 2025, 2,426 securities disappeared from the market’s symbol system. Nearly half – 1,122, or approximately 46% – still showed outstanding reported short interest at their last reporting date.
FINRA proposed closing that gap. Industry groups pushed back. Then the proposal disappeared.
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🚨 Digital Brands Group Receives $77.58 All-Cash Proposal Amid Ongoing Market-Structure Scrutiny
August 5, 2026
Digital Brands Group (NASDAQ: DBGI) has received an unsolicited $77.58-per-share all-cash acquisition proposal, representing a substantial premium to its prior closing price. The development follows the company’s recently announced efforts to obtain information concerning failures-to-deliver, clearing and settlement imbalances, and unusual trading activity.
📜 Lunai Bioworks Expands Naked Short Selling Lawsuit, Names 10 Defendants
August 7, 2026
Lunai Bioworks has expanded its federal naked short selling litigation, naming ten defendants — including three FINRA-registered broker-dealers — in an amended complaint alleging coordinated naked short selling, failures-to-deliver and securities fraud.
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Following today’s developments. Building tomorrow’s public record.
🔎 Current Special Reports
NakedShortStop™ Special Reports examine significant market-structure events through primary documents, regulatory records, public filings, and evidence-based analysis.
MMTLP
FINRA U3 Trading Halt
Examining the FINRA U3 trading halt and the public evidence surrounding MMTLP.
THE $0.25 TARGET
The Regulatory Cliff
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Examining how a single $0.25 closing price can trigger immediate suspension and delisting proceedings – and the warnings raised before the rule was approved.