What In The World Is Going On With Genius Group (GNS) Stock Up Nearly 500% The Past Week?

Genius Group Ltd GNS shares are trading higher by 56.94% to $3.28 Friday morning on continued strength after the company approved a plan to create an 'Illegal Trading Task Force.'

The stock is also trading higher by some 490.46% over the trailing 5 sessions amid ongoing interest in the name across social media and continued upward momentum.

What's Happening?

Genius Group says it approved at a board meeting held on Wednesday an action plan to address alleged illegal short selling of its stock.

The company says the action plan includes creating a board-led ‘Illegal Trading Task Force' to actively pursue all possible actions together with the regulators in their discovery and prosecution of persons engaging in market manipulation involving the ordinary shares of Genius Group.

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Additionally, the company says the Task Force will be led by Timothy Murphy, a Genius Group Director and former Deputy Director of the F.B.I., Richard Berman, also a Genius Group Director and chair of the Company’s Audit Committee, and Roger Hamilton, the CEO of Genius Group.

Traders and investors can read the full details of Wednesday's press release here.

According to data from Benzinga Pro, GNS has a 52-week high of $36.75 and a 52-week low of $0.30.