Prosecutors initiated an investigation into the unexpected jump in the share price of ML System. These are the creators of the so-called coronavirus detector, which was praised by Andrzej Duda, but ultimately did not even enter the market.
President Andrzej Duda’s visit to the headquarters of ML System in Zaczernie near Rzeszów took place on February 12 last year. The politician was handed the so-called coronavirus breathalyzer, i.e. covid detector. He tested the device on himself and then began to praise the equipment, calling it “the great pride of the entire Republic of Poland.” – I believe that the device will soon be able to go into mass production and I hope that it will make the company famous all over the world – he said then.
Covid detector – great plans and ultimate failure
The device, which was supposed to confirm coronavirus infection in exhaled breath, never went on sale. It has not undergone clinical trials on patients, and the approval of the bioethics committee for such trials was obtained only a few hours before the president’s conference. The company’s shares, of course, began to grow at a crazy pace, and the beginning of this price took place before Andrzej Duda’s conference.
“The share price started to increase the closer it was to Duda’s arrival, only to launch right after his conference, when the cards were laid on the table because the device was officially presented,” Onet journalists wrote. After all, they cost almost twice as much as before the politician’s visit. Many people believed in the breakthrough discovery. Those who sold their shares at that point could have become enormously rich.
The Polish Financial Supervision Authority and the prosecutor’s office will look into trading in ML Systems shares
The Polish Financial Supervision Authority, and consequently the prosecutor’s office, became interested in the whole case. An investigation has already been initiated into the possible use of confidential information. If such knowledge was used to trade ML System shares, someone could be in real trouble now.