It is the phantom shares that allegedly put excess downward pressure on a stock.
FORBES: Naked Shorting Case Gains Traction
First, failing to deliver on short sales creates "phantom shares" and an artificially inflated supply of stock.
FORBES: Intelligent Investing Briefing Book
Phantom shares are similar to counterfeit dollars that move through the system seamlessly until someone is caught holding a worthless bill.
He also rejected the banks' arguments that trade settlement failures do not create phantom shares, a central claim of the anti-naked short selling camp.
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