The Securities and Exchange Commission is charging 23 investment firms for short selling violations amid an effort to crack down on firms that try to manipulate IPO pricing.
The federal agency is settling with 22 of the 23 firms for sanctions worth a total of $14.4 million.
The firms are accused of violating a rule that prohibits them from short selling a public offering stock in a five-day window prior to the offering and then buying the same stock after the offering.