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Joseph Calata Stays Positive Under Rumors of Manipulation

by Alison Ward

Rumors are not old news when it involves famous icons, whether they be businessmen or actors. However, the rumors are not the ones which jeopardize a reputation, but the people who believe and scatter them. Rumors that would threaten a celebrity's reputation is almost always inevitable.

Currently suffering from rumors that his company is under investigation is 31-year-old Joseph Calata, the CEO of Calata Corporation. Calata Corporation's stock share soared to P24 per share which is why the company reached a market cap of 4B pesos. At some point, however, the shares fell almost 26 percent, which was why questions from regulators came. There is an accusation that some investors might have manipulated the prices which was why its shares has been going through a rollercoaster ride.

However, the corporation stated that it isn't under investigation but the shares and shareholders involved in the said issue. According to their CEO, they would have been notified if the company is under investigation, which was not the case, and the buying and selling of the shareholders are already beyond their control. According to Calata Corporation News, the one who called the Philippine Stock Exchange to look into the fluctuations of their stocks was their young CEO himself. In addition, the Capital Markets Integrity Corp is for brokers and traders, which is what they are investigation, not the corporation itself.

Ben Evardone, Eastern Samar Representative, was the one who made the appeal about the surprising movements in the shares of the company, which the Securities and Exchange Commission answered at once. Price manipulation involves the interference with the free and fair operation of the market by the parties involved. Businessmen who do this uses dummy accounts to make it seem like there are a lot of traders. The back and forth movements of the shares of Calata in a span of days led to the accusation of stock manipulation of the company.

Calata proved that his hands are clean when he didn't shy out as the probe exploded. With the said manipulation, Calata admits that it affected some of the plans he had made for the company. The board of the Calata Corp also wants to know what's happening because of this effect. They claimed that they are more than willing to cooperate with the investigation, according to Calata Corporation news.

The corporation's young CEO defended his company by pointing out that if they were under investigation, they would have been notified, which was not the case. Joseph Calata also said in an interview with ANC that he hopes the people would understand that the ones being investigated are the trades and the traders of his corporation. Anyone who's business and reputation is in jeopardy would want to know how to fix problems involving those. Calata himself wants to end the unfair share of prices which is why he is open if there is ever in need of an investigation of his company.

Rumors like the one stated on Calata Corporation news and stock manipulation should be dealt with carefully. However, parties involved should remain positive, just like Joseph Calata. After all, if you're not guilty of anything, there is nothing to be worried about.

Published October 14th, 2012

Filed in Finance