Whether a famous icon is a tycoon, musician or actor; rumors and scandals will always follow him around. However, the real reputation killer there are those who believe and spread the rumors, whether or not they are true. How to deal with these kind of rumors, you ask? Just keep calm and be positive.
Currently, the 31-year-old CEO of Calata Corporation, Joseph Calata, is dealing with rumors regarding his corporation. According to Calata Corp News, there had been reports that there was stock manipulation in the shares of the corporation. Recently, the corporation reached a high peak of P24 per share. Regulators came to the accusation of a price manipulation because of the rollercoaster ride of the stocks of the corporation.
Calata’s stock shares started at P7.50 and reached P24 per share as stated on Calata Corp news. At some point, the company shares fell almost 26 percent to 5.65 each and declined to 32 percent earlier in the session. This was why the accusation of stock manipulation was brought up. The stocks might have been sold to dummy accounts according to the said accusation.
Despite being a modest-sized company, Calata Corporation IPO has been labeled as the best performing IPO in the stock exchange. Calata Corporation also became the biggest seller of agricultural feeds, chemicals, fertilizers and seeds. The corporation also reached a market cap of 4B pesos, making Joseph Calata worth 2.6Billion. That being said, it’s not surprising that there would be rumors surfacing about the corporation.
The accusations were answered by the corporation immediately. According to Calata Corp news, Calata answered the issue by claiming that it is not his company which is under investigation but the shares and shareholders involved. He also added that what happens to the trades are already beyond control as it is in the hands of traders. The corporation also pointed out that it was Joseph Calata himself who called the Philippine Stock Exchange to investigate the movements of their shares.
Calata remained calm with the incident. He is one hundred percent sure that his hands are clean on this issue. Some plans that Calata had for the company was affected with the rumored manipulation though. Which is why Calata is very much willing to cooperate with the investigation if needed.