The Financial Services Board (FSB) and the JSE are scrutinising trades prompted by speculation that Viceroy Research will release a negative report about one of the country’s stocks, which caused some shares to crash more than 20%. The FSB was working with the JSE to review trading activity and determine whether a formal investigation is warranted, FSB spokeswoman Tembisa Marele said in an e-mailed response to questions. The FSB’s mandate includes probing insider trading, price manipulation and false reporting. Shares of some of the country’s largest real estate investment trusts (Reits) fell by a record on Thursday as talk swirled that one of them would be targeted in Viceroy’s next research report. Aspen Pharmacare Holdings, Africa’s biggest drug maker, plunged on January 9 amid rumours it is in Viceroy’s sights. The stock has since recovered all those losses after Aspen CEO Stephen Saad came out in defence of his company, saying its earnings were transparent. Very little is known...

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