Burford Capital demands LSE reveal the identity of traders it claims have illegally manipulated its share price
Burford Capital has gone to the High Court claiming its share price has been illegally manipulated by traders
Beleaguered Burford Capital claims its share price has been illegally manipulated by traders.
The legal funding company, which is listed on London’s junior stock market AIM, has demanded through a High Court petition that the London Stock Exchange reveal the identity of those traders.
Burford’s threats are the latest salvo in an ongoing battle between the firm and US hedge fund Muddy Waters.
It published a dossier on Burford in August criticising its accounting practices and corporate governance.
Following the report’s publication, almost £1.7billion was wiped off Burford’s market value in two days.
This caused another headache for troubled fund manager Neil Woodford, the company’s second largest shareholder.
Burford’s lawyers claim there is ‘good reason’ to believe traders allegedly manipulating its shares ‘were acting in concert with each other and/or Muddy Waters’.