Strange day for Crescent. The Leuven-based technology company’s share recorded a “flashcrash“impressive: shortly after 11 a.m., it fell by 99% at the lowest possible quotation, namely 0.0001 euro, informed our colleagues from the Tijd. During the afternoon, it then recovered overall, returning to a drop of 7.5%, posting at 0.02 euro.
The most mysterious? The company itself had no explanation and was just… unaware. “We didn’t know until we got a phone call from a reporter”explained the financial director Edwin Bex. “Maybe it was a technical problem? We will contact the financial authorities.”
The FSMA, the Belgian financial policeman, has already launched an analysis. “We have contacted the company and with Euronext”confirmed his spokesman Johan Corthouts. “We will also look at the parties involved in the transactions.” To launch a formal investigation and impose sanctions, it will first be necessary to verify that there has indeed been an abuse of power.
But for the time being, the thesis favored by the FSMA seems to be that of fat finger (literally the “heavy finger”, Editor’s note). In other words, it is a human error involving pressing the wrong button, with the catastrophic consequences that we know. always according to From Tijd, nearly 9 million Crescent shares were traded on Friday, well above the usual 500,000. Following the flashcrashsome investors took advantage of the extremely low price to make a good deal.