Joseph Calata: SEC Cleared Calata Corp from Involvement in Allegations

The Calata Corporation has recently dealt with rumors about their company being under investigation due to an alleged price manipulation of its stocks.

Calata’s shares more than tripled within two weeks of listing before abruptly falling in a matter of days. These unusual movements caught the attention of the Capital Markets Integrity Corp (CMIC).

Joseph Calata, the 31-year-old CEO of Calata Corp, was also alarmed with the movements of his corporation’s shares which is why he called the Securities and Exchange Commission (SEC) to investigate the fluctuation of the shares.

After four months of investigation, SEC will proceed with the filing of criminal charges against the shareholders involved in the manipulation. SEC cleared Calata Corporation claiming that the firm is not involved in the allegations.

The SEC is now in perfect position to put more reforms in place based on the lessons from the experience of Calata Corp.
- Says Calata.

Calata also added that such reforms are needed in order to protect the reputation of companies listing in the stock exchange and to encourage more entrants into the capital market.

Calata believes that the swift investigation of SEC has put the issue to rest and with that, the firm can focus on its expansion program. The company plans to increase the number of its outlets to about 250 using the proceeds from the initial public offering. With this, more farmers and agricultural entrepreneurs will gain access to products and technologies that the corporation provides.