August 12, 2019 / 6:27 AM / 8 days ago

Burford alleges manipulation of shares ahead of Muddy Waters attack

LONDON, Aug 12 (Reuters) - London-listed fund Burford Capital has said it has identified evidence consistent with illegal market manipulation of its shares.

Burford said an investigation by the fund and an expert in market manipulation found trading activity in its shares on August 6 and August 7 was generally consistent with “material illegal activity”.

The fund noted that August 6 was the day short-seller Muddy Waters tweeted about a forthcoming short attack, and the following day was when it released a report criticising Burford’s accounts and management.

“While Burford continues to analyse the data, it has made regulatory authorities and criminal prosecutors aware of these preliminary conclusions and Burford is considering its own options,” the company said in a statement.

Muddy Waters was not immediately available for comment. (Reporting by Iain Withers Editing by Rachel Armstrong)

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