THE Court of Appeals (CA) affirmed the indictment of eight shareholders of Calata Corp. over trading activities that artificially inflated the price of the company’s shares and consequently induced the public to buy them.

In a decision released on September 10, the Special Sixth Division of the appellate court granted the petition for certiorari by the Securities and Exchange Commission (SEC) to nullify the resolutions of the Department of Justice (DoJ) dismissing the complaint and directing the withdrawal of the criminal case filed against the shareholders.