Subject: Imreg Asks NASD To Review 'Shorting' Of Its Class A Shares
Date: Published: 12/12/86 43 lines
Source:  Wall Street Journal.  Copyright Dow Jones & Co. Inc. 

   Imreg Asks NASD
   To Review 'Shorting'
   Of Its Class A Shares

   NEW ORLEANS -- Imreg Inc. says it asked the National
Association of Securities Dealers to review the appearance of
"aggressive shorting" of its Class A stock.
   A. Arthur Gottlieb, president and chief executive officer
of this biotechnology concern, said Imreg seeks to determine
whether persons or companies are deliberately trying to
"manipulate or artificially depress the market" for their own
profit.
   Last week, the NASD said it found a substantial error in
its initial publication of its short-interest list for Imreg.
For example, Imreg's short interest was listed at 59,342
shares in November.  The correct figures, according to the
NASD, should have been 767,892 shares.  A NASD official said
last week that a business conduct committee will determine
whether disciplinary action will be taken against concerns
responsible for the inaccurate reporting.  But NASD declined
to name the concerns.
   Investors use short interest figures to determine how much
short selling is going on in individual stocks.  A short sale
is a sale of borrowed stock by investors expecting its price
to drop.  The investors expect to profit on the difference
between the price realized in the sale and the cost of
replacing the borrowed shares.
   Imreg recently announced it began its final stage of
government-required testing of a drug treatment for acquired
immune deficiency syndrome, or AIDS, and a pre-AIDS
condition.  Imreg's stock, which began the year selling at
$20.625, was split on a two-for-one basis in February and has
been trading between $9 and $7 in recent weeks.

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