- Retail United urged over 50 CEOs to investigate suspected abusive and naked short selling, irregular trading, and failures to deliver harming retail investors.
- The group pressed companies to demand the SEC reverse its delay of enhanced short sale transparency rules, vital for spotting large short positions.
- The coordinated campaign follows the MMTLP trading halt anniversary and seeks broader corporate accountability and market oversight for retail shareholders.
In a bold move that’s catching attention among retail traders, the Retail United Advocacy Group has sent letters to more than 50 publicly traded companies, urging them to launch investigations into possible market manipulation impacting several company’s shares.
The initiative targets well-known names like GameStop, AMC Theatres, Beyond Meat, Opendoor, and Tesla, among others.
The group is calling on CEOs and boards to dig into issues such as abusive short selling, potential naked shorting, irregular trading patterns, failures to deliver, and heavy off-exchange trading activity—practices that retail shareholders argue could be unfairly hurting individual investors.
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Retail Traders Press SEC for Delayed Rules
On top of that, the letters press these companies to contact the SEC Chairman directly. The ask? Push for an immediate reversal of the agency’s decision to postpone enhanced short sale transparency rules until 2028.
Many retail investors see these delayed rules as essential for spotting big short positions and keeping markets honest and fair.
This effort highlights a growing frustration among everyday traders who feel the system often stacks the deck against them.
In a recent report, Zeeshan Saeed, CEO of Quantum BioPharma Ltd. (NASDAQ: QNTM), penned a letter to SEC Chairman Paul Atkins, requesting a reversal of the decision to delay the Short Disclosure Transparency Rule.
The letter, dated December 5, 2025, highlights the urgent need for greater market transparency amid allegations of manipulation affecting firms like Quantum BioPharma.
Saeed’s letter comes at a time when the biotech company, focused on innovative treatments for neurodegenerative diseases, is embroiled in a $700 million lawsuit against major Canadian banks, including CIBC World Markets and RBC Dominion Securities.
The actions line in par with Retail United’s efforts.
“Retail United is urging every CEO contacted to write directly to the Chairman of the SEC to demand the immediate reversal of the SEC’s decision to delay enhanced short sale transparency rules until 2028.
Retail shareholders believe these transparency requirements are critical for identifying large short positions and ensuring fair, honest markets.
This campaign represents a coordinated push for corporate accountability, stronger market oversight, and increased transparency across the U.S. equities market.”
Initiative Launches Amid MMTLP 3 Year Anniversary
The timing of this coordinated push by Retail United couldn’t be more pointed.
Just days after the third anniversary of the controversial FINRA trading halt on MMTLP—a December 2022 event that abruptly stopped trading in the preferred shares of what was then Meta Materials Inc., leaving tens of thousands of retail investors unable to sell ahead of a planned spin-off to private company Next Bridge Hydrocarbons—the advocacy group has rolled out its most ambitious campaign yet.
For many in the retail community, the MMTLP saga remains a raw symbol of perceived regulatory failures and market inequities, with the U3 halt on December 9, 2022 (following the last trading day on December 8) still fueling calls for investigations into short selling abuses and settlement issues.
Three years on, unresolved questions linger for holders who saw their positions frozen without recourse.
It’s against this backdrop that Retail United has chosen now to demand action from over 50 companies, pressing them to probe similar patterns in their own stocks and rally against delayed SEC transparency rules.
Whether intentional or not, the launch serves as a stark reminder that the frustrations born from cases like MMTLP continue to drive organized retail advocacy, pushing for systemic changes to level the playing field.
The Coordination and Participation Matter
By coordinating demands across so many companies, Retail United is aiming to spark broader corporate accountability and force more oversight in the U.S. stock market.
The campaign doesn’t stop at companies that haven’t looked into these issues before.
The group has also reached out to firms already probing suspected abusive short selling or naked shorting, including Trump Media & Technology Group.
In those follow-up letters, they commend steps already taken—such as public challenges to irregular trading—and request updates on any findings or planned actions.
As of now, there’s no word on responses from the companies or the SEC.
This push comes from a grassroots organization focused on amplifying retail voices, with a track record of similar advocacy, like earlier complaints to regulators about specific stocks.
What started as scattered complaints from individual investors has evolved into organized action, reminding everyone that retail traders are still a force in these debates years after the meme stock frenzy.
You can access the letters directly here.
Also Read: A Hedge Fund Now Announces an Unexpected Closure
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