Burford Capital Share News (BUR)

(Sharecast News) - Litigation and risk management firm Burford Capital said on Monday that it has launched a legal bid against the London Stock Exchange to find out the names of traders it believes manipulated its share price last month.
The company has asked that the High Court grant permission for individual names of traders believed to have manipulated the share price to be disclosed, including contact details and emails.

In legal documents submitted to the High Court, Burford said it was looking to seek redress from those responsible, "directly or as conspirators", for "the unlawful manipulation of its share price".

Burford shares tumbled in August after US research firm Muddy Waters said the company was "a perfect storm for an accounting fiasco". It accused Burford of "egregiously misrepresenting" its returns and "the state of its overall business".

Burford said: "There are strong grounds to consider that a large proportion of the decline in Burford's share price was the consequence of unlawful trading activity known as 'spoofing' and 'layering'.

"This activity, which involves the placing of large numbers of orders for shares of a given issuer, without any genuine intention of such orders ever being executed, for the purpose of moving the share price, amounts to unlawful market manipulation."

At 1430 BST, the shares were up 3.8% at 825.50p.