The SEC brought a settled action against hedge fund managers, Anson Funds Management, LP and Anson Advisors, Inc., for working with activist short publishers, who released reports presenting bearish information about target companies, and trading in target securities in advance of short report postings to generate illegal trading profits. In exchange, the managers agreed to pay the short publisher, at times based on a percentage of AIMF’s profits from trading in the target security for an agreed period of time around the publication of the report. The firms agreed to pay civil penalties of $1.25 million and $1 million, respectively. This case highlights the SEC’s focus on activist and potentially manipulative activities using social media and online platforms. It should encourage hedge fund managers and investment advisers to proceed cautiously when interacting with activist short publishers or directly posting on social media information intended to impact the price of investment holdings.