By Chris Wack


Bit Brother Ltd. shares were up 14% at $2.35 after the company said that its board of directors has approved the formation of a special task force to address suspected the illegal shorting of its stock.

The company said the special task force plans to engage counsel and/or investigational professionals and to take all possible actions to identify and prosecute those involved in the market manipulation of its stock, especially the institutions or individuals involved in illegal naked short selling.

The special task force is comprised of Xianlong Wu, chairman of the board and chief executive; Diyu Jiang, director and finance chief; and Ralph Jones, director and chief executive of its Bit Brother New York subsidiary.

The company said its board believes this action will deter any future manipulation of the market by exposing and persecuting naked short sales of the company's stock and other violations.

Bit Brother shares hit their 52-week high of $12 a share on Jan. 11, and is down 79% in the past 12 months.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

01-20-23 1041ET