Shares of Medallion Financial Corp. were halted Wednesday after U.S. regulators accused the New York-based lender to taxi drivers of seeking to illegally boost its stock price amid intense competition from Uber Technologies Inc. and Lyft Inc.The Securities and Exchange Commission alleged that after a string of banner years, Medallion floundered as the popularity of ride-sharing apps caused the value of taxi medallions, which were used as collateral for loans, to plummet. As the company’s stock plunged since 2013, it tried to drown out short-sellers by flooding media websites with bogus news articles, the SEC said in a complaint filed in federal court.Medallion shares were halted Wednesday after the stock slumped more than 50% to $3.94. They then resumed trading, paring losses to about 33% as of 10:35 am in New York. The company traded almost as high as $18 a share eight years ago.
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