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Hollywood Movie "Stock Shock" Zaps Short Sellers of Sirius XM Stock
Sirius XM stock jumps 1000% when movie about the ailing shares shined a spotlight on abusive short selling.
Disillusioned Sirius XM investors have embraced the movie that tells their story and even mounted a grassroots effort calling on the SEC for protection against naked short selling. Many investors sent their DVD's of "Stock Shock" directly to the Securities Exchange Commission. Antony Richard Petrilla, Division of Enforcement at the SEC confirmed the offices have received copies of "Stock Shock" and the SEC public affairs office has been in communication with the film's director, Sandra Mohr. SEC public affairs had no comment.
Reuters reports the Securities and Exchange Commission is expected to vote Wednesday on rules that would restrict short selling in a company's stock if that stock fell precipitously, a person familiar with the SEC plan said.
In addition to telling the general history of Sirius XM satellite radio, the movie lays out
a compelling case that the stock of the company has been heavily and illegally manipulated, both through naked shorting and also through more standard manipulation tactics. Since its national release Sirius XM stock has rebounded to over $1/share and short selling interest has decreased in 13 of the last 14 reports (see chart).
"Stock Shock" will screen on Sunset Blvd. in Hollywood March 28, 2010 at the Women's International Film Festival. The movie is now available at Netflix, Target, Best Buy, Barnes and Nobel, Hollywood Video and other online merchants.
Now that the independent documentary "Stock Shock" has found a distributor, the sky may be the limit for this satellite company and its loyal, newly famous shareholders.
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Mohr Productions, Inc. produces television and film projects for Broadcast TV, Internet, and Theater distribution. Production clients include: Paramount, MTV, Universal, Nickelodeon, HBO, and SyFy Channel. www.mohr-productions.com