The Securities and Exchange Commission immediately came to investigate the fluctuations in the shares of Calata Corporation after Joseph Calata himself called them. The allegations stated that there was possible price manipulation which caused the rollercoaster movements of the shares.
After four months of investigation, SEC were able to pinpoint the first batch of the shareholders that were involved in the price manipulation. SEC also stated that the Calata Corporation had no involvement in the said issue.
The SEC probe proved that our decision to seek the help of the regulators was both wise and right.
- Says Calata in an interview.
He also expressed his support for the planned reforms in the capital market claiming that such reforms are needed in order to protect the reputation of companies and to encourage more entrants into the capital market.
With the issue at rest, Calata Corporation can now focus on its expansion where they plan to increase the number of its outlets to about 250 using the proceeds from the initial public offering. Calata said the expansion would provide more farmers and agricultural sector entrepreneurs with access to products and technologies.
