Escala Doubles

Shares of Escala (ESCL Quote) doubled Monday after the collectibles company said no charges had been filed against it in a probe of its majority shareholder in Spain.

The company said one board member linked to the big shareholder, Alfinsa Bienes Tangibles, had stepped down and that the company had asked for the resignation of the other Alfinsa-linked director.

Escala also said at least 10 shareholder suits have been filed against the company. Escala said it disputes the claims and plans to defend itself vigorously.

Escala shares lost 86% of their value last week in the wake of Spanish authorities' raids on the offices of the company and its majority shareholder. Escala, a New York-based collectibles company, is owned in part by Alfinsa. Prosecutors charge Alfinsa swindled hundreds of thousands of clients in one of Europe's largest-ever investment frauds, The Wall Street Journal reported, in part through steep markups on stamps.

On Monday, Escala rose $4.76 to $9.41.