NYSE halts trade in Gerova Financial
Feb 23 (Reuters) - The New York Stock Exchange halted trading in shares of Gerova Financial Group Ltd , saying it was evaluating the need for further disclosures and the suitability for the reinsurer's continued listing.
Last week, Gerova Financial said it had been contacted by the exchange over unusual trading activity in its stock.
In January, the company said it had engaged Kroll, an intelligence and risk analysis firm, to probe possible market manipulation and collusion aimed at driving down its stock price.
The little-known Bermudan reinsurer, whose shares have lost 90 percent of their value since June last year, is now also without a chairman after Dennis Pelino backed out as the company failed to finalise his appointment terms.
On Feb. 10, the company had named Pelino as its chairman, following the resignation of four board members and former chairman Gary Hirst as part of a reorganization of its board and management.
Shares of company were up 10 percent at $5.84 in trading after the bell before they were halted. They closed at $5.28 on Wednesday on the New York Stock Exchange. (Reporting by Jochelle Mendonca; Editing by Maju Samuel)
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